PAGE 1
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PAGE 2
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PAGE 3
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PAGE 4
015 A000006 BARCLAYS BANK OF BOTSWANA LIMITED
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015 D010013 CZECH REPUBLIC
015 D020013 115 20
015 E040013 X
015 A000014 DEN DANSKE BANK
015 B000014 S
015 C010014 COPENHAGEN
015 D010014 DENMARK
015 E040014 X
PAGE 5
015 A000015 NATIONAL BANK OF EGYPT
015 B000015 S
015 C010015 CAIRO
015 D010015 EGYPT
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015 A000016 MERITA BANK KOP
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015 D010016 FINLAND
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015 A000017 BANQUE PARIBAS
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015 E040017 X
015 A000018 CHASE BANK A. G.
015 B000018 S
015 C010018 FRANKFURT
015 D010018 GERMANY
015 D020018 60441
015 E040018 X
015 A000019 BARCLAYS BANK PLC
015 B000019 S
015 C010019 ATHENS
015 D010019 GREECE
015 D020019 10562
015 E040019 X
015 A000020 BARCLAYS BANK OF GHANA
015 B000020 S
015 C010020 ACCRA
015 D010020 GHANA
015 E040020 X
015 A000021 THE CHASE MANHATTAN BANK
015 B000021 S
015 C010021 HONG KONG
015 D010021 HONG KONG
015 E040021 X
015 A000022 CITIBANK BUDAPEST RT
015 B000022 S
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015 D010022 HUNGARY
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015 B000023 S
015 C010023 JAKARTA
015 D010023 INDONESIA
015 D020023 10023
015 E040023 X
PAGE 6
015 A000024 BANK OF IRELAND
015 B000024 S
015 C010024 DUBLIN
015 D010024 IRELAND
015 D020024 1
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015 A000025 BANK LEUMI LE-ISRAEL B. M.
015 B000025 S
015 C010025 TEL AVIV
015 D010025 ISRAEL
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015 A000026 THE CHASE MANHATTAN BANK
015 B000026 S
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015 D020026 20121
015 E040026 X
015 A000027 THE FUJI BANK LTD
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015 C010027 TOKYO
015 D010027 JAPAN
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015 A000028 BARCLAYS BANK OF KENYA
015 B000028 S
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015 D010028 KENYA
015 E040028 X
015 A000029 THE CHASE MANHATTAN BANK
015 B000029 S
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015 A000030 HONGKONG AND SHANGHAI BANKING CORP LTD
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PAGE 7
015 A000033 ABN AMRO N. V.
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015 D010041 SLOVAK REPUBLIC
015 D020041 815-63
PAGE 8
015 E040041 X
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015 D020042 2001
015 E040042 X
015 A000043 HONGKONG AND SHANGHAI BANKING CORP LTD
015 B000043 S
015 C010043 SEOUL
015 D010043 SOUTH KOREA
015 E040043 X
015 A000044 THE CHASE MANHATTAN BANK
015 B000044 S
015 C010044 MADRID
015 D010044 SPAIN
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015 E040044 X
015 A000045 SKANDINAVISKA ENSKILDA BANKEN
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015 C010045 STOCKHOLM
015 D010045 SWEDEN
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015 E040045 X
015 A000046 UNION BANK OF SWITZERLAND
015 B000046 S
015 C010046 ZURICH
015 D010046 SWITZERLAND
015 D020046 8021
015 E040046 X
015 A000047 THE CHASE MANHATTAN BANK
015 B000047 S
015 C010047 BANGKOK
015 D010047 THAILAND
015 D020047 10500
015 E040047 X
015 A000048 THE CHASE MANHATTAN BANK
015 B000048 S
015 C010048 LONDON
015 D010048 UNITED KINGDOM
015 D020048 EC2P 2HD
015 E040048 X
015 A000049 THE FIRST NATIONAL BANK OF BOSTON
015 B000049 S
015 C010049 MONTEVIDEO
015 D010049 URUGUAY
015 E040049 X
015 A000050 BARCLAYS BANK OF ZIMBABWE
015 B000050 S
015 C010050 HARARE
015 D010050 ZIMBABWE
PAGE 9
015 E040050 X
015 A000051 BARCLAYS BANK OF ZAMBIA
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015 C010051 LUSAKA
015 D010051 ZAMBIA
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015 A000052 FIRST CHICAGO CLEARING CENTRE
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015 D010052 UNITED KINGDOM
015 D020052 EC3A IAA
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015 A000053 CEDEL S.A.
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PAGE 10
022 C000002 420
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PAGE 11
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PAGE 12
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PAGE 13
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PAGE 14
070 I010000 N
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PAGE 15
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PAGE 16
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SIGNATURE /s/JAMES R. BAIO
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN TEMPLETON JAPAN FUND SEPTEMBER 30, 1996 SEMI-ANNUAL REPORT AND
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000887400
<NAME> FRANKLIN TEMPLETON JAPAN FUND
<S> <C>
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<FISCAL-YEAR-END> MAR-31-1997
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<TOTAL-LIABILITIES> 218495
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<OTHER-INCOME> 0
<EXPENSES-NET> 72481
<NET-INVESTMENT-INCOME> (34796)
<REALIZED-GAINS-CURRENT> (9304)
<APPREC-INCREASE-CURRENT> (446561)
<NET-CHANGE-FROM-OPS> (490661)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (119856)
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 452366
<NUMBER-OF-SHARES-REDEEMED> (345647)
<SHARES-REINVESTED> 10075
<NET-CHANGE-IN-ASSETS> 598812
<ACCUMULATED-NII-PRIOR> (2015)
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<PER-SHARE-NAV-BEGIN> 10.35
<PER-SHARE-NII> (.05)
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<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.17)
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<PER-SHARE-NAV-END> 9.50
<EXPENSE-RATIO> 2.60
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
