On the other hand, telecom carrier Nippon Telegraph and Telephone (TSE:9432, Financial) was a detractor for the quarter. Its defensive characteristics was a negative factor in an environment where investors favored riskier assets. Additionally, Yoshihide Suga, who has long been an advocate for a lower mobile phone fees, was elected Japan's new prime minister, putting additional pressure on the share price. We exited the position in the quarter.
From Matthews Japan Fund (Trades, Portfolio)'s third-quarter 2020 commentary.
