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The Baillie Gifford Japan Trust NAV per share rises by 3.8 per cent

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In the six months to 28 February The Baillie Gifford Japan Trust’s net asset value per share increased by 3.8 per cent compared to a 2.0 per cent decrease in the TOPIX total return.

The company’s share price increased by 7.6 per cent. 
 
Japan Exchange Group, Iriso Electronics and Toyo Tire were all notable contributors to performance. Net gearing stood at 14 per cent at the period end (31 August 2013: 16 per cent).  
      
 
Turnover over the period was 11.6 per cent with three companies (CyberAgent, Toyo Suisan and Sony) bought and seven sold.    
  
 
Business confidence is generally improving and small non-manufacturing companies are now more optimistic than they have been since the bursting of the 1980s bubble.    
 
 
Signs of inflation are emerging and the Governor of the Bank of Japan has reiterated that he remains committed to the two per cent inflation target and has further monetary policy options available to achieve this.        

 
 
Over the period, the Company has issued 3,025,000 shares resulting in a 0.16 per cent uplift to net asset value.  
 
The Baillie Gifford Japan Trust aims to achieve long term capital growth principally through investment in medium and smaller sized Japanese companies which are believed to have above average prospects for growth, although it invests in larger companies when considered appropriate.
 
At 28 February 2014, the company had total assets of GBP271.4m before deduction of bank loans of GBP42.1m.

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