Interim Results

SchroderJapan Growth Fund PLC
30 March 2004



                                                                  30 March 2004

Press Release

                                Interim Results


The Directors of Schroder Japan Growth Fund plc announce the unaudited interim
results for the six months ended 31 January 2004.


                                                 For the six months ended          For the six months ended
                                                          31 January 2004                   31 January 2003
                                            Revenue    Capital      Total     Revenue    Capital      Total
                                              £'000      £'000      £'000       £'000      £'000      £'000

Gains/(losses) on investments                     -      8,232      8,232           -   (15,725)   (15,725)
Realised exchange rate losses                     -       (13)       (13)           -      (152)      (152)
Unrealised exchange (losses)/gains on             -      (118)      (118)           -      1,091      1,091
the loan facility
Income                                          608          -        608         539          -        539
Investment management fee                     (593)          -      (593)       (502)          -      (502)
Administrative expenses                       (207)          -      (207)       (140)          -      (140)
(Deficit)/return before finance costs         (192)      8,101      7,909       (103)   (14,786)   (14,889)
and taxation
Interest payable                              (135)          -      (135)       (144)          -      (144)
(Deficit)/return on ordinary                  (327)      8,101      7,774       (247)   (14,786)   (15,033)
activities before taxation
Tax on ordinary activities                     (60)          -       (60)        (79)          -       (79)
(Deficit)/return attributable to              (387)      8,101      7,714       (326)   (14,786)   (15,112)
equity shareholders
(Deficit)/return per ordinary               (0.31)p      6.48p      6.17p     (0.26)p   (11.83)p   (12.09)p
share-pence




                                                           Six months ended              Six months ended
                                                                  31 January 2004
                                                                                          31 January 2003
Abridged Cash Flow Statement                                                £'000                   £'000

Net cash inflow/( outflow) from operating activities                          197                   (147)

Net cash outflow from returns on investments and servicing of               (152)                   (152)
finance

Total tax paid                                                               (52)                    (76)

Net cash  inflow /(outflow)from financial investment                           77                 (2,103)

Realised exchange rate movements                                             (13)                   (151)

Net cash inflow / (outflow)                                                    57                 (2,629)


                                                            As at 31 January 2004      As at 31 July 2003
Assets                                                                      £'000                   £'000

Listed investments                                                        117,074                 108,973

Net current assets                                                            600                     869

Creditors: amounts falling due after one year                            (20,761)                (20,643)

Net Assets                                                                 96,913                  89,199

Net asset value per share - undiluted pence                                77.53p                  71.36p


Net asset value per share - diluted pence                                     N/A                     N/A



The Board of Directors approved this statement on 29 March 2004.



The above financial information is unaudited and does not amount to statutory
accounts under Section 240 of the Companies Act 1985 (as amended).  The
information given for the financial year ended 31 July 2003 does not constitute
the Company's statutory accounts for that financial year.  Statutory accounts
for the financial year ended 31 July 2003 have been reported on by the Company's
auditors and delivered to the Registrar of Companies.  The report of the
auditors was unqualified and did not contain a statement under Section 237(2) or
(3) of the Companies Act 1985.



This announcement is prepared on the basis of the accounting policies as set out
in the most recent published set of annual financial statements.


The following is the text of the Investment Manager's Review for the six months
ended 31 January 2004



Performance



During the six month period to 31st January 2004 the Japanese market continued
to recover. Economic data was generally encouraging. Principally because of a
recovery in exports and capital investment GDP growth and industrial output
accelerated. Importantly for the stockmarket profits recovered strongly.



The Company's net asset value rose by 8.6% during the six months to end January
2004 versus a 12.6% rise in the Tokyo Stock Exchange First Section Index in
sterling terms over the period. Underperformance primarily reflected the
portfolio's bias to companies with relatively strong balance sheets and
profitability levels at a time when the market was focussing on companies with
maximum leverage into recovery.



Investment Policy



There are two areas of the market to which the portfolio is heavily exposed. The
first is large blue chip companies with relatively strong balance sheets. These
have lagged the market very significantly and are selling on much lower
valuations than the market. We believe that these relative valuations of large
blue chip companies will improve, particularly as the pace of Japan's profit
recovery slows as it becomes more mature.



The second area is that of smaller companies which are cheap in relation to both
the cash on their balance sheet and future cashflow. Approximately one quarter
of the portfolio is invested in these smaller companies.



Outlook



We expect the positive performance of the market to continue. Although profits
momentum is likely to slow as operating margins have already reached a new
cyclical peak, nevertheless we believe restructuring can continue to deliver
further growth of around 15% for the next business year. Valuations remain low
by Japanese historic standards and in relation to domestic interest rates.



In addition to the favourable profits environment we are also seeing the
beginning of greater activism by shareholders. A recent bid by US investment
firm Steel Partners pressured the management of Yushiro Chemical to return
substantial cash to shareholders, resulting in a doubling of the share price.
Further similar activity is expected which should encourage interest in
companies which are lowly rated compared to cash and future cashflow.



Schroder Investment Management Limited





Interim Report

The Interim Report will be mailed to registered shareholders at their registered
addresses. Copies of the Interim Report will be made available from the date of
release at the Company's registered office, 31 Gresham Street, London, EC2V 7QA.



Enquiries:
           Schroder Investment Management Limited

John Spedding
                                              (0207 658 3206)

30 March 2004


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