PJI Perpetual Jap.

    Stock Exchange announcement

For immediate release

31 July 2008

            Perpetual Japanese Investment Trust plc (the "Company")            

                            Proposed Reconstruction                            

The Company's Articles of Association provide that a resolution be put to this
year's Annual General Meeting asking shareholders to vote on the continuation
of the Company as an investment trust. Despite the relatively good performance
of the Company compared with other Japanese investment trust companies,
measured over one and three years, the Board does not believe that a
continuation vote is likely to gain the necessary support of shareholders.
After considering a range of options and consulting with its manager and major
shareholders, your Board has concluded that a reconstruction of the Company
would be in the best interests of all shareholders. Accordingly, the Board
believes it is appropriate to bring forward proposals that are expected to
involve shareholders being offered a choice of rolling over all or part of
their investment into: (a) the Invesco Perpetual Japan Fund, an open-ended fund
managed by Paul Chesson, the Company's fund manager, (b) an exchange traded
fund providing exposure to the Japanese equity market, or (c) electing for
cash. The Board has served notice to terminate the Company's investment
management agreement in accordance with its terms. The Board will write to
shareholders as soon as practicable with full details of these proposals and to
seek their approval for them.

31 July 2008

Enquiries:

Invesco Asset Management Limited

020 7065 3555

Andrew Watkins

Guy Short



END

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