The top contributor to Fund performance during the quarter was Murata Manufacturing (TSE:6981), a leading supplier of electronic components. Murata’s business is expanding briskly, driven by demand from smartphone producers for its technologically advanced components, particularly for the company’s ceramic condensers, saw filters and communication modules. The firm has also benefited from the weaker yen, and has regained market share from South Korean competitors.
From Matthews Japan Fund (Trades, Portfolio) Q3 2014 Commentary.
