Increase in Gearing

JPMorgan Fleming Japanese IT PLC
28 October 2005


                 JPMORGAN FLEMING JAPANESE INVESTMENT TRUST PLC

Increase in Gearing

JPMorgan Fleming Japanese Investment Trust plc announces that it has raised its
gearing back to 115% from 105%, by buying back the short Topix futures position
taken out on 28th September.  This has yielded a very small loss.  The Managers
believe that the overbought position of the market has largely unwound, and
remain confident of the sustainability of the domestic economic recovery in
Japan.


For further information please contact

Stephen Mitchell / Jonathan Dobson
020 7742 8539       020 7742 8595

JPMorgan Asset Management (UK) Limited
Secretary


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