Reduction in Gearing

JPMorgan Fleming Japanese IT PLC
28 September 2005




                 JPMORGAN FLEMING JAPANESE INVESTMENT TRUST PLC


Reduction in Gearing


JPMorgan Fleming Japanese Investment Trust plc announces that it has reduced its
gearing level from 115% to 105% via the sale of Topix futures.  The Managers
remain confident about the long term outlook for the Japanese economy, but are
of the opinion that the market is temporarily overbought.





For further information please contact:
Stephen Mitchell/Jonathan Dobson
020 7742 8539/020 7742 8595




JPMorgan Asset Managemetn (UK) Limited
Secretary




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