diff --git a/icu4j/build.properties b/icu4j/build.properties
index 002cdbd686..66e750c19d 100644
--- a/icu4j/build.properties
+++ b/icu4j/build.properties
@@ -2,7 +2,7 @@
 #* Copyright (C) 2009-2011, International Business Machines Corporation and    *
 #* others. All Rights Reserved.                                                *
 #*******************************************************************************
-api.report.version = 48
-api.report.prev.version = 46
-release.file.ver = 4_8
+api.report.version = 49
+api.report.prev.version = 48
+release.file.ver = 49M1
 
diff --git a/icu4j/eclipse-build/build.properties b/icu4j/eclipse-build/build.properties
index 642e3895d5..97c7ccd1d6 100644
--- a/icu4j/eclipse-build/build.properties
+++ b/icu4j/eclipse-build/build.properties
@@ -2,6 +2,6 @@
 #* Copyright (C) 2010-2011, International Business Machines Corporation and    *
 #* others. All Rights Reserved.                                                *
 #*******************************************************************************
-icu4j.plugin.impl.version.string=4.8.0
+icu4j.plugin.impl.version.string=49.0.1
 copyright.eclipse=Licensed Materials - Property of IBM \n (C) Copyright IBM Corp. 2000, 2011. All Rights Reserved. \n IBM is a registered trademark of IBM Corp.
 icu4j.data.version.number=48
diff --git a/icu4j/main/classes/core/src/com/ibm/icu/util/VersionInfo.java b/icu4j/main/classes/core/src/com/ibm/icu/util/VersionInfo.java
index d4fef93f47..70582af6a5 100644
--- a/icu4j/main/classes/core/src/com/ibm/icu/util/VersionInfo.java
+++ b/icu4j/main/classes/core/src/com/ibm/icu/util/VersionInfo.java
@@ -488,7 +488,7 @@ public final class VersionInfo implements Comparable<VersionInfo>
         UNICODE_5_2   = getInstance(5, 2, 0, 0);
         UNICODE_6_0   = getInstance(6, 0, 0, 0);
 
-        ICU_VERSION   = getInstance(4, 8, 0, 0);
+        ICU_VERSION   = getInstance(49, 0, 1, 0);
         ICU_DATA_VERSION = getInstance(4, 8, 0, 0);
         UNICODE_VERSION = UNICODE_6_0;
 
diff --git a/icu4j/main/shared/build/common.properties b/icu4j/main/shared/build/common.properties
index 80e2e1c946..684e45bce9 100644
--- a/icu4j/main/shared/build/common.properties
+++ b/icu4j/main/shared/build/common.properties
@@ -4,8 +4,8 @@
 #*******************************************************************************
 
 # Version numbers, etc.
-icu4j.spec.version = 4.8
-icu4j.impl.version = 4.8
+icu4j.spec.version = 49
+icu4j.impl.version = 49.0
 icu4j.data.version = 48
 current.year = 2011
 default.exec.env = J2SE-1.5
diff --git a/icu4j/main/tests/collate/src/com/ibm/icu/dev/test/search/SearchTest.java b/icu4j/main/tests/collate/src/com/ibm/icu/dev/test/search/SearchTest.java
index ada6af6a44..e88ce5b029 100644
--- a/icu4j/main/tests/collate/src/com/ibm/icu/dev/test/search/SearchTest.java
+++ b/icu4j/main/tests/collate/src/com/ibm/icu/dev/test/search/SearchTest.java
@@ -1790,7 +1790,7 @@ public class SearchTest extends TestFmwk {
     }
 
     public void TestSupplementary() {
-        if (skipIfBeforeICU(4,9,0)) { // ticket#8080
+        if (skipIfBeforeICU(49,0,2)) { // ticket#8080
             return;
         }
         int count = 0;
@@ -1803,7 +1803,7 @@ public class SearchTest extends TestFmwk {
     }
 
     public void TestSupplementaryCanonical() {
-        if (skipIfBeforeICU(4,9,0)) { // ticket#8080
+        if (skipIfBeforeICU(49,0,2)) { // ticket#8080
             return;
         }
         int count = 0;
diff --git a/icu4j/main/tests/core/src/com/ibm/icu/dev/test/format/DateTimeGeneratorTest.java b/icu4j/main/tests/core/src/com/ibm/icu/dev/test/format/DateTimeGeneratorTest.java
index 0e51f2140b..a6ab10df24 100644
--- a/icu4j/main/tests/core/src/com/ibm/icu/dev/test/format/DateTimeGeneratorTest.java
+++ b/icu4j/main/tests/core/src/com/ibm/icu/dev/test/format/DateTimeGeneratorTest.java
@@ -525,7 +525,7 @@ public class DateTimeGeneratorTest extends TestFmwk {
         DateOrder order2 = getOrdering(style2, uLocale);
         if (!order1.hasSameOrderAs(order2)) {
             if (order1.monthLength == order2.monthLength) { // error if have same month length, different ordering
-                if (skipIfBeforeICU(4,9,0)) { // ticket#6806
+                if (skipIfBeforeICU(49,0,2)) { // ticket#6806
                     logln(showOrderComparison(uLocale, style1, style2, order1, order2));
                 } else {
                     errln(showOrderComparison(uLocale, style1, style2, order1, order2));