Fidelity Japan Trust PLC - Investment trust focused on Japan - Reports fall in net asset value in the year to December 31 to 182.24 pence per share from 240.73 pence in 2021. Describes 2022 as ‘one of the most challenging years for financial markets in a long time.’ Says this was reflected in the returns of the Trust. Notes while the TOPIX, the Japanese market index, fell by only 4.1% in sterling terms over the year to December 31 2022, the market saw a rotation out of growth stocks, where the company has remained heavily weighted, and into value stocks where the company was under represented. This resulted in the NAV per share falling by 24% over the year. Adds since the end of 2022, the gloomy prospects for the world economy have receded a little and markets have recovered from their low levels. At February 28 2023, the NAV of Fidelity Japan Trust has risen by 4.3% which compares to a rise of 1.4% in the Reference Index. Believes the valuation of companies in Japan looks attractive both in historic terms as well as relative to other markets. Remains positive about the prospects for 2023.

Current stock price: 171 pence

12-month change: down 5.7%

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