Interim Management Statement

JPMorgan Japanese Inv. Trust PLC
01 February 2008

                     JPMorgan Japanese Investment Trust plc

                                (the 'Company')



                          Interim Management Statement



                 For the three months ended 31st December 2007



This interim management statement relates to the quarter from 1st October 2007
to

31st December 2007 and contains information that covers that period, unless
otherwise stated.



Financial performance - Cumulative Total Return *


                         1 Month      3 Months       1 Year       3 Years      5 Years      10 Years
Share price              -4.9%        -11.1%         -21.9%       -0.7%        40.7%        32.4%
Net asset value          0.0%         -8.2%          -17.5%       -1.0%        33.8%        40.7%
Benchmark                -1.1%        -3.7%          -6.9%        17.4%        58.5%        31.8%



* total return with net dividends reinvested

Source: JPMAM/Fundamental Data



Financial position


                            As at 31st December 2007                As at 31st January

                                                                           2008
Total assets                        £382.06m                              £358.9m
Share price                          188.00p                              177.00p
Net asset value                      218.93p                              206.24p
Discount                             14.13%                               14.18%
Gearing                               97.6%                               97.27%



Share prices shown are closing mid

Net asset values are shown excluding income with debt at fair value

Source: JPMAM/Fundamental Data



Material events



VAT Case

Following a ruling by the European Court of Justice, HM Revenue and Customs has
recently accepted that VAT will no longer be charged on investment management
fees.  For the Company it may also be possible to recover some of the VAT paid
in the past on management fees. The amount of any such repayment is subject to a
number of legal and procedural considerations, and it may take some time for
confirmation of entitlement to any refunds and the timing of any repayments to
be determined.



Management Arrangements

With effect from 1st December 2007 the day-to-day management of the portfolio
assets was relocated from London to Tokyo.  The head of the Jardine Fleming
office there, James Elliot, together with Nicholas Weindling, part of the Tokyo
investment management team, have taken responsibility for the portfolio
effective. JPMorgan Asset Management (UK) Limited has also agreed a reduction in
the notice period provisions in the management agreement from one year to six
months.



Gearing

On 27th November 2007 JPMorgan Japanese Investment Trust plc announced that it
had reduced its gearing level from 109% to 100%.  The Managers believed that the
long term outlook for the Japanese economy remained attractive, but were
conscious that the current market volatility was causing uncertainty. The
Company's gearing will under normal market conditions, range between 90-120% of
gross assets.





Material transactions



Changes to share capital


                                                             Ordinary Shares of 25p

Shares in issue as at 1st October 2007                       176,703,919
Shares bought back and cancelled                             -
Shares issued - new                                          -

Shares bought back into treasury                             -

Shares issued - from treasury                                -
As at 31st December 2007                                     174,604,919



Company has not issued any shares from treasury or cancelled any shares in this
financial quarter.



Portfolio



Top ten holdings as at 31st December 2007


Stock name                                         Sector                                           Weight %
Toyota Motor                                       Transportation Equipment                           4.3
Japan Tobacco                                      Transportation Equipment                           2.8
East Japan Railway                                 Land Transportation                                2.7
Daiichi Sankyo                                     Pharmaceutical                                     2.5
Sony                                               Electric Appliances                                2.5
Nintendo                                           Other Products                                     2.4
Astella Pharma                                     Pharmaceutical                                     2.2
Honda Motor                                        Transportation Equipment                           2.1
Mitsubishi                                         Wholesale Trade                                    2.0
Takeda Pharmaceutical                              Pharmaceutical                                     2.0







Sector Breakdown as at 31st December 2007
                                                      Portfolio %
 Transportation Equipment                             13.1
 Electric Appliances                                  12.7
Banks                                                 10.0
Information & Communication                           9.1
Pharmaceutical                                        7.2
Wholesale Trade                                       6.4
Land Transportation                                   6.0
Machinery                                             5.9
Chemicals                                             5.5
Other Products                                        5.2
Iron & Steel                                          3.9
Retail Trade                                          3.7
Other                                                 3.6
Foods                                                 2.8
Nonferrous Metals                                     1.3
Services                                              1.2
Cash                                                  2.4
Total                                                 100.00



By order of the Board

Andrew Norman, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

1st February 2008

020 7742 6000



Registered office: Finsbury Dials, 20 Finsbury Street, London, EC2Y 9AQ



This interim management statement has been prepared solely to provide
information to meet the requirements of the UK Listing Authority's Disclosure
and Transparency Rules.



Please note that up to date information on the Company, including daily NAV and
share prices, factsheets and portfolio information can be found at
www.jpmjapanese.co.uk



31st January 2008


                      This information is provided by RNS
            The company news service from the London Stock Exchange