Portfolio Update

SchroderJapan Growth Fund PLC
03 August 2004


FOR IMMEDIATE RELEASE                                               03 August-04


To : The London Stock Exchange


Schroder Japan Growth Fund plc


The Board of the Schroder Japan Growth Fund plc announces that the top ten
holdings as at Friday 30th July 2004 are:-

East Japan Railway              5.94%
Takeda Pharmaceutical           5.89%
Mitsui & Co                     5.35%
Toyota Motor                    5.06%
Bridgestone                     4.69%
Ricoh                           4.58%
Tachihi Enterprise              3.14%
Nippon Tel & Tel                2.72%
Omron                           2.47%
Nippon Unipac                   2.47%


By Order of the Board

Schroder Investment Management Limited
Secretaries

Enquiries :       Anthony Carney  020 7658 2548
                  Schroder Japan  Growth Fund plc


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