In the IT and services sector, the biggest contributor to relative performance was GMO Payment Gateway (TSE:3769). The online payment processing company enjoys a dominant position in Japan and stands to benefit from the move to digital payments. The company generated strong first-quarter operating profit growth and benefited from its joint efforts with Sumitomo Mitsui Financial Group and Visa on cashless payments.
From T. Rowe Price Japan Fund (Trades, Portfolio)'s semi-annual 2019 shareholder letter.
