<PAGE> PAGE 1
000 B000000 03/31/95
000 C000000 887400
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 FRANKLIN TEMPLETON JAPAN FUND
001 B000000 811-6664
001 C000000 3055277591
"002 A000000 500 EAST BROWARD BOULEVARD, SUITE 2100"
002 B000000 FORT LAUDERDALE
002 C000000 FL
002 D010000 33394
002 D020000 3091
003 000000 N
004 000000 N
005 000000 N
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007 C010100 1
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007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
"008 A000001 TEMPLETON INVESTMENT COUNSEL, INC."
008 B000001 A
008 C000001 801-15125
008 D010001 FORT LAUDERDALE
008 D020001 FL
008 D030001 33394
008 D040001 3091
"010 A000001 TEMPLELTON GLOBAL INVESTORS, INC."
010 B000001 8-31192
010 C010001 FORT LAUDERDALE
010 C020001 FL
010 C030001 33394
010 C040001 3091
"011 A000001 FRANKLIN TEMPLETON DISTRIBUTORS, INC."
011 B000001 8-5889
011 C010001 ST. PETERSBURG
011 C020001 FL
011 C030001 33701
<PAGE> PAGE 2
011 C040001 3628
012 A000001 FRANKLIN TEMPLETON INVESTMENT SERVICES INC.
012 B000001 84-00000
012 C010001 ST. PETERSBURG
012 C020001 FL
012 C030001 33701
012 C040001 3628
013 A000001 MCGLADREY & PULLEN, LLP
013 B010001 NEW YORK
013 B020001 NY
013 B030001 10017
013 B040001 2416
015 A000001 THE CHASE MANHATTAN BANK N.A.
015 B000001 C
015 C010001 NEW YORK
015 C020001 NY
015 C030001 10081
015 E010001 X
"015 A000002 CHASE MANHATTAN BANK, N.A."
015 B000002 S
015 C010002 BUENOS AIRES
015 D010002 ARGENTINA
015 E040002 X
015 A000003 CHASE MANHATTAN BANK AUSTRALIA LIMITED
015 B000003 S
015 C010003 SYDNEY
015 D010003 AUSTRALIA
015 E040003 X
015 A000004 CREDITANSTALT - BANKVEREIN
015 B000004 S
015 C010004 VIENNA
015 D010004 AUSTRIA
015 D020004 A-1011
015 E040004 X
015 A000005 STANDARD CHARTERED BANK
015 B000005 S
015 C010005 DHAKA
015 D010005 BANGLADESH
015 D020005 1000
015 E040005 X
015 A000006 GENERALE BANK
015 B000006 S
015 C010006 BRUSSELS
015 D010006 BELGIUM
015 D020006 1000
015 E040006 X
015 A000007 THE ROYAL BANK OF CANADA
015 B000007 S
015 C010007 TORONTO
015 D010007 CANADA
015 D020007 M5J2J5
<PAGE> PAGE 3
015 E040007 X
015 A000008 CANADA TRUST
015 B000008 S
015 C010008 TORONTO
015 D010008 CANADA
015 D020008 M5J 2T2
015 E040008 X
"015 A000009 CESKOSLOVENSKA OBEHODNI BANKA, A.S."
015 B000009 S
015 C010009 PRAHA
015 D010009 CZECH REPUBLIC
015 E040009 X
015 A000010 DEN DANSKE BANK
015 B000010 S
015 C010010 COPENHAGEN
015 D010010 DENMARK
015 E040010 X
015 A000011 NATIONAL BANK OF EGYPT
015 B000011 S
015 C010011 CAIRO
015 D010011 EGYPT
015 E040011 X
015 A000012 KANSALLIS-OSAKE-PANKKI
015 B000012 S
015 C010012 HELSINKI
015 D010012 FINLAND
015 D020012 00500
015 E040012 X
015 A000013 BANQUE PARIBAS
015 B000013 S
015 C010013 PARIS
015 D010013 FRANCE
015 D020013 75078
015 E040013 X
"015 A000014 CHASE BANK, A.G."
015 B000014 S
015 C010014 FRANKFURT
015 D010014 GERMANY
015 D020014 60441
015 E040014 X
015 A000015 BARCLAYS BANK PLC
015 B000015 S
015 C010015 ATHENS
015 D010015 GREECE
015 D020015 10562
015 E040015 X
"015 A000016 CHASE MANHATTAN BANK, N.A."
015 B000016 S
015 C010016 CENTRAL
015 D010016 HONG KONG
015 E040016 X
<PAGE> PAGE 4
015 A000017 HONGKONG AND SHANGHAI BANKING CORP. LTD.
015 B000017 S
015 C010017 JAKARTA
015 D010017 INDONESIA
015 D020017 10023
015 E040017 X
015 A000018 BANK OF IRELAND
015 B000018 S
015 C010018 DUBLIN
015 D010018 IRELAND
015 D020018 1
015 E040018 X
015 A000019 BANK LEUMI LE-ISRAEL B.M.
015 B000019 S
015 C010019 TEL AVIV
015 D010019 ISRAEL
015 D020019 65136
015 E040019 X
"015 A000020 CHASE MANHATTAN BANK, N.A."
015 B000020 S
015 C010020 MILAN
015 D010020 ITALY
015 D020020 20121
015 E040020 X
"015 A000021 CHASE MANHATTAN BANK, N.A."
015 B000021 S
015 C010021 TOKYO
015 D010021 JAPAN
015 D020021 100
015 E040021 X
"015 A000022 CHASE MANHATTAN BANK, N.A."
015 B000022 S
015 C010022 KUALA LUMPUR
015 D010022 MALAYSIA
015 D020022 50250
015 E040022 X
"015 A000023 CHASE MANHATTAN BANK, N.A."
015 B000023 S
015 C010023 COL. LOMAS DE CHAP.
015 D010023 MEXICO
015 D020023 11000
015 E040023 X
015 A000024 BANQUE COMMERCIALE DU MAROC
015 B000024 S
015 C010024 CASABLANCA
015 D010024 MOROCCO
015 D020024 1
015 E040024 X
015 A000025 ABN-AMRO N.V.
015 B000025 S
015 C010025 DE BREDA
<PAGE> PAGE 5
015 D010025 NETHERLANDS
015 D020025 4800
015 E040025 X
015 A000026 NATIONAL NOMINEES LIMITED
015 B000026 S
015 C010026 AUCKLAND
015 D010026 NEW ZEALAND
015 E040026 X
015 A000027 DEN NORSKE BANK
015 B000027 S
015 C010027 OSLO
015 D010027 NORWAY
015 D020027 1
015 E040027 X
015 A000028 THE HONG KONG & SHANGHAI BANKING CORP LTD
015 B000028 S
015 C010028 MANILA
015 D010028 PHILIPPINES
015 E040028 X
015 A000029 BANCO ESPIRITO SANTO E COMMERCIAL DE LISBOA
015 B000029 S
015 C010029 LISBON
015 D010029 PORTUGAL
015 D020029 1200
015 E040029 X
015 A000030 THE HONGKONG AND SHANGHAI BANKING CORP LTD
015 B000030 S
015 C010030 SHANGHAI
015 D010030 CHINA
015 E040030 X
015 A000031 THE HONGKONG AND SHANGHAI BANKING CORP
015 B000031 S
015 C010031 SHENZHEN
015 D010031 CHINA
015 E040031 X
"015 A000032 CHASE MANHATTAN BANK, N.A."
015 B000032 S
015 C010032 SINGAPORE
015 D010032 SINGAPORE
015 D020032 0104
015 E040032 X
015 A000033 STANDARD BANK OF SOUTH AFRICA
015 B000033 S
015 C010033 JOHANNESBURG
015 D010033 SOUTH AFRICA
015 E040033 X
"015 A000034 CHASE MANHATTAN BANK, N.A."
015 B000034 S
015 C010034 MADRID
015 D010034 SPAIN
015 D020034 28042
<PAGE> PAGE 6
015 E040034 X
015 A000035 SKANDINAVISKA ENSKILDA BANKEN
015 B000035 S
015 C010035 STOCKHOLM
015 D010035 SWEDEN
015 D020035 S-106 40
015 E040035 X
015 A000036 UNION BANK OF SWITZERLAND
015 B000036 S
015 C010036 ZURICH
015 D010036 SWITZERLAND
015 D020036 8021
015 E040036 X
"015 A000037 THE CHASE MANHATTAN BANK, N.A."
015 B000037 S
015 C010037 LONDON
015 D010037 UNITED KINGDOM
015 D020037 EC2P 2HD
015 E040037 X
"015 A000038 CHASE MANHATTAN BANK, N.A."
015 B000038 S
015 C010038 BANGKOK
015 D010038 THAILAND
015 D020038 10500
015 E040038 X
015 A000039 THE FIRST NATIONAL BANK OF BOSTON
015 B000039 S
015 C010039 MONTEVIDEO
015 D010039 URUGUAY
015 E040039 X
015 A000040 BARCLAYS BANK OF ZIMBABWE
015 B000040 S
015 C010040 HARARE
015 D010040 ZIMBABWE
015 E040040 X
015 A000041 CEDEL S.A.
015 B000041 S
015 C010041 LUXEMBOURG
015 D010041 LUXEMBOURG
015 E040041 X
015 A000042 FIRST CHICAGO CLEARING CENTER
015 B000042 S
015 C010042 LONDON
015 D010042 UNITED KINGDOM
015 D020042 EC3A 1AA
015 E040042 X
015 A000043 RESERVE BANK
015 B000043 S
015 C010043 SYDNEY
015 D010043 AUSTRALIA
015 E040043 X
<PAGE> PAGE 7
"015 A000044 THE HONGKONG AND SHANGHAI BANKING CORP, LTD"
015 B000044 S
015 C010044 PORT LOUIS
015 D010044 MAURITIUS
015 E040044 X
015 A000045 BARCLAYS BANK OF GHANA
015 B000045 S
015 C010045 ACCRA
015 D010045 GHANA
015 E040045 X
018 000000 Y
019 A000000 Y
019 B000000 184
019 C000000 FRNKTEMGRP
"020 A000001 MERRILL LYNCH, PIERCE, FENNER, & SMITH, INC."
020 B000001 13-5674085
020 C000001 1
"020 A000002 BARING SECURITIES, INC."
020 B000002 04-2455153
020 C000002 1
"020 A000003 S.G. WARBURG & CO., INC."
020 B000003 13-3340045
020 C000003 1
"020 A000004 JAMES CAPEL, INC."
020 B000004 52-1348224
020 C000004 1
"020 A000005 GOLDMAN, SACHS & CO."
020 B000005 13-5108880
020 C000005 1
020 A000006 UBS/PHILLIPS & DREW
020 B000006 13-2932996
020 C000006 1
"020 A000007 SMITH NEW COURT, CARL MARKS, INC."
020 B000007 13-3169769
020 C000007 0
020 A000008 JARDINE FLEMING
020 B000008 HONG KONG
020 C000008 0
020 A000009 NIKKO SECURITIES INTERNATIONAL
020 B000009 94-1302123
020 C000009 0
020 A000010 CAZENOVE
020 B000010 94-1658752
020 C000010 0
021 000000 6
"022 A000001 CHASE MANHATTAN BANK, N.A."
022 B000001 13-2633612
022 C000001 2581
022 D000001 1332
022 C000002 0
022 D000002 0
<PAGE> PAGE 8
022 C000003 0
022 D000003 0
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022 C000005 0
022 D000005 0
022 C000006 0
022 D000006 0
022 C000007 0
022 D000007 0
022 C000008 0
022 D000008 0
022 C000009 0
022 D000009 0
022 C000010 0
022 D000010 0
023 C000000 2581
023 D000000 1332
024 000000 N
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 Y
026 B000000 Y
026 C000000 Y
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
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028 B020000 0
028 B030000 0
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028 C010000 84
028 C020000 0
028 C030000 0
028 C040000 19
028 D010000 418
028 D020000 0
<PAGE> PAGE 9
028 D030000 0
028 D040000 240
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028 E030000 0
028 E040000 5
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028 F020000 -1
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028 G040000 346
028 H000000 464
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042 A000000 0
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042 E000000 0
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046 000000 N
047 000000 Y
048 000000 0.750
048 A010000 0
048 A020000 0.000
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
<PAGE> PAGE 10
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 Y
053 B000000 Y
053 C000000 N
054 A000000 Y
054 B000000 Y
054 C000000 Y
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054 E000000 N
054 F000000 N
054 G000000 N
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 Y
054 M000000 Y
054 N000000 N
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058 A000000 N
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<PAGE> PAGE 11
062 E000000 0.0
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063 A000000 0
063 B000000 0.0
066 A000000 Y
066 B000000 N
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066 E000000 N
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066 G000000 N
067 000000 N
068 A000000 N
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070 D020000 N
070 E010000 N
070 E020000 N
070 F010000 Y
070 F020000 N
070 G010000 N
070 G020000 N
070 H010000 Y
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 N
070 K010000 Y
070 K020000 Y
070 L010000 Y
070 L020000 Y
<PAGE> PAGE 12
070 M010000 Y
070 M020000 Y
070 N010000 Y
070 N020000 N
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070 O020000 N
070 P010000 Y
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<PAGE> PAGE 13
073 B000000 0.0000
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074 X000000 116
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075 A000000 0
075 B000000 846
076 000000 0.00
077 A000000 Y
077 B000000 Y
078 000000 N
080 A000000 ICI MUTUAL INSURANCE CO.
080 B000000 NONE
080 C000000 130000
081 A000000 Y
081 B000000 181
082 A000000 Y
082 B000000 100
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
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<PAGE> PAGE 14
086 A010000 0
086 A020000 0
086 B010000 0
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086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
SIGNATURE JAMES R.BAIO
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN TEMPLETON JAPAN FUND MARCH 31, 1995 ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000887400
<NAME> FRANKLIN TEMPLETON JAPAN FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAR-31-1995
<PERIOD-END> MAR-31-1995
<INVESTMENTS-AT-COST> 1341453
<INVESTMENTS-AT-VALUE> 1343107
<RECEIVABLES> 63301
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 103514
<TOTAL-ASSETS> 1509922
<PAYABLE-FOR-SECURITIES> 34786
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 31621
<TOTAL-LIABILITIES> 66407
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1437635
<SHARES-COMMON-STOCK> 145366
<SHARES-COMMON-PRIOR> 50000
<ACCUMULATED-NII-CURRENT> 7426
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3200)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1654
<NET-ASSETS> 1443515
<DIVIDEND-INCOME> 3687
<INTEREST-INCOME> 16368
<OTHER-INCOME> 0
<EXPENSES-NET> 7888
<NET-INVESTMENT-INCOME> 12167
<REALIZED-GAINS-CURRENT> (3200)
<APPREC-INCREASE-CURRENT> 1654
<NET-CHANGE-FROM-OPS> 10621
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4741)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 132082
<NUMBER-OF-SHARES-REDEEMED> (37012)
<SHARES-REINVESTED> 296
<NET-CHANGE-IN-ASSETS> 943515
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4738
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 76204
<AVERAGE-NET-ASSETS> 842541
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .10
<PER-SHARE-GAIN-APPREC> (.12)
<PER-SHARE-DIVIDEND> (.05)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.93
<EXPENSE-RATIO> 1.25<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>THE EXPENSE RATIO PER THE FRANKLIN TEMPLETON JAPAN FUND ANNUAL REPORT
MARCH 31, 1995 WITHOUT REIMBURSEMENT EQUALED 12.05%.
</FN>
</TABLE>
REPORT OF CERTIFIED PUBLIC ACCOUNTANTS
The Board of Trustees and Shareholders
Franklin Templeton Japan Fund
In planning and performing our audit of the financial statements of Franklin
Templeton Japan Fund for the period July 28, 1994 to March 31, 1995, we
considered its internal control structure, including procedures for safe-
guarding securities, in order to determine our auditing procedures for the
purpose of expressing our opinion on the financial statements and to comply
with the requirements of Form N-SAR, not to provide assurance on the internal
control structure.
The management of Franklin Templeton Japan Fund is responsible for
establishing and maintaining an internal control structure. In fulfilling
this responsibility, estimates and judgments by management are required to
assess the expected benefits and related costs of internal control structure
policies and procedures. Two of the objectives of an internal control
structure are to provide management with reasonable, but not absolute,
assurance that assets are safeguarded against loss from unauthorized use or
disposition and that transactions are executed in accordance with management's
authorization and recorded properly to permit preparaion of financial statements
in conformity with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that it
may become inadequate because of changes in conditions or that the effect-
iveness of the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design
or operation of the specific internal control structure elements does not
reduce to a relatively low level the risk that errors or irregularities in
amounts that would be material in relation to the financial statements being
audited may occur and not be detected within a timely period by employees in the
normal course of performing their assigned functions. However, we noted no
matters involving the internal control structure, including procedures for
safeguarding securities, that we consider to be material weaknesses as defined
above as of March 31, 1995.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
/s/ McGladrey & Pullen, LLP
McGladrey & Pullen, LLP
New York, New York
April 28, 1995
