
At March 31, 2024 (As Adjusted):	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
	(in millions)
Available-for-sale debt securities:
Japanese national government and Japanese government agency bonds	¥	23,287,730	¥	5,768	¥	126,098	¥	23,167,400
Japanese prefectural and municipal bonds	1,055,564		227		9,800		1,045,991
Foreign government and official institution bonds	3,428,199		4,981		130,629		3,302,551
Corporate bonds	1,019,832		10,685		4,049		1,026,468
Residential mortgage-backed securities	1,229,615		255		345		1,229,525
Asset-backed securities	1,239,772		9,251		1,877		1,247,146
Other debt securities	407,917		3,419		7,450		403,886
Total	¥	31,668,629	¥	34,586	¥	280,248	¥	31,422,967
Held-to-maturity debt securities:
Japanese national government and Japanese government agency bonds	¥	15,191,741	¥	4,745	¥	97,603	¥	15,098,883
Japanese prefectural and municipal bonds	1,999,182		2,048		16,328		1,984,902
Corporate bonds	119,490		93		179		119,404
Residential mortgage-backed securities	4,952,083		3,153		179,537		4,775,699
Asset-backed securities	2,581,466		3,681		6,521		2,578,626
Total	¥	24,843,962	¥	13,720	¥	300,168	¥	24,557,514


At March 31, 2025:	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
	(in millions)
Available-for-sale debt securities:
Japanese national government and Japanese government agency bonds	¥	22,314,148	¥	2,326	¥	232,617	¥	22,083,857
Japanese prefectural and municipal bonds	319,774		3		9,779		309,998
Foreign government and official institution bonds	4,149,418		11,679		82,628		4,078,469
Corporate bonds	905,194		10,213		11,524		903,883
Residential mortgage-backed securities	1,121,879		583		211		1,122,251
Asset-backed securities	1,405,859		7,491		1,199		1,412,151
Other debt securities	502,359		3,709		3,509		502,559
Total	¥	30,718,631	¥	36,004	¥	341,467	¥	30,413,168
Held-to-maturity debt securities:
Japanese national government and Japanese government agency bonds	¥	14,354,434	¥	4	¥	395,239	¥	13,959,199
Japanese prefectural and municipal bonds	2,545,627		—		93,141		2,452,486
Corporate bonds	214,949		—		3,602		211,347
Residential mortgage-backed securities	4,690,277		10,826		148,066		4,553,037
Asset-backed securities	1,466,898		4,447		421		1,470,924
Total	¥	23,272,185	¥	15,277	¥	640,469	¥	22,646,993

The amortized cost and fair values of Held-to-maturity debt securities and the fair values of Available-for-sale debt securities at March 31, 2025 by contractual maturity are shown below. Expected maturities may be shorter than contractual maturities because issuers of debt securities may have the right to call or prepay obligations with or without penalties. Debt securities not due at a single maturity date and securities embedded with call or prepayment options, such as mortgage-backed securities, are included in the table below based on their contractual maturities.


	Held-to-maturity debt securities				Available-for-sale debt securities
	Amortized cost		Fair value		Fair value
	(in millions)
Due in one year or less	¥	1,854,284	¥	1,849,185	¥	18,392,937
Due from one year to five years	7,726,350		7,577,814		5,630,447
Due from five years to ten years	7,644,200		7,321,116		2,850,932
Due after ten years	6,047,351		5,898,878		3,538,852
Total	¥	23,272,185	¥	22,646,993	¥	30,413,168

For the fiscal years ended March 31, 2023 (As Adjusted), 2024 and 2025, gross realized gains on sales of Available-for-sale debt securities were ¥107,238 million, ¥124,557 million and ¥49,923 million, respectively, and gross realized losses on sales of Available-for-sale debt securities were ¥169,690 million, ¥274,042 million and ¥200,679 million, respectively.

For the fiscal year ended March 31, 2023, impairment losses on Available-for-sale debt securities of ¥359,330 million were included in Investment securities gains (losses)—net in the accompanying consolidated statements of income. These were mainly the impairment losses on the Available-for-sale debt securities held by MUFG Union Bank, which were reclassified as held for sale, and then sold on December 1, 2022.

For the fiscal year ended March 31, 2024, impairment losses on Available-for-sale debt securities, which mainly comprised of corporate bonds, were included in Investment securities gains (losses)—net in the accompanying consolidated statements of income and were not material.

For the fiscal year ended March 31, 2025, impairment losses on Available-for-sale debt securities of ¥12,988 million, which mainly comprised of other debt securities, were included in Investment securities gains (losses)—net in the accompanying consolidated statements of income.

For the fiscal years ended March 31, 2023, 2024 and 2025, the MUFG Group’s Held-to-maturity debt securities were guaranteed by Japanese or U.S. government entities or agencies and had a long history of no credit losses or were rated investment grade. Based on the analysis performed, the MUFG Group has the intent and ability to hold these securities to maturity. Therefore, no credit losses were expected on these securities and no impairment loss has been recorded.


	Less than 12 months				12 months or more				Total
At March 31, 2024 (As Adjusted):	Fair value		Gross unrealized losses		Fair value		Gross unrealized losses		Fair value		Gross unrealized losses		Number of securities
	(in millions, except number of securities)
Available-for-sale debt securities:
Japanese national government and Japanese government agency bonds	¥	18,640,364	¥	9,427	¥	1,756,792	¥	116,671	¥	20,397,156	¥	126,098	440
Japanese prefectural and municipal bonds	416,047		1,502		520,133		8,298		936,180		9,800		574
Foreign government and official institution bonds	358,973		9,306		1,942,369		121,323		2,301,342		130,629		97
Corporate bonds	167,004		467		442,274		3,582		609,278		4,049		309
Residential mortgage-backed securities	185,197		14		343,621		331		528,818		345		14
Asset-backed securities	23,810		9		160,109		1,868		183,919		1,877		17
Other debt securities	202,787		54		64,908		7,396		267,695		7,450		56
Total	¥	19,994,182	¥	20,779	¥	5,230,206	¥	259,469	¥	25,224,388	¥	280,248	1,507


	Less than 12 months				12 months or more				Total
At March 31, 2025:	Fair value		Gross unrealized losses		Fair value		Gross unrealized losses		Fair value		Gross unrealized losses		Number of securities
	(in millions, except number of securities)
Available-for-sale debt securities:
Japanese national government and Japanese government agency bonds	¥	19,809,049	¥	109,736	¥	1,160,183	¥	122,881	¥	20,969,232	¥	232,617	311
Japanese prefectural and municipal bonds	30,167		82		279,731		9,697		309,898		9,779		282
Foreign government and official institution bonds	710,517		9,198		1,584,560		73,430		2,295,077		82,628		104
Corporate bonds	206,591		3,069		413,226		8,455		619,817		11,524		483
Residential mortgage-backed securities	—		—		274,894		211		274,894		211		9
Asset-backed securities	244,037		1,193		1,252		6		245,289		1,199		25
Other debt securities	213,737		423		48,799		3,086		262,536		3,509		74
Total	¥	21,214,098	¥	123,701	¥	3,762,645	¥	217,766	¥	24,976,743	¥	341,467	1,288

As of March 31, 2025, unrealized losses associated with these securities were deemed to be attributable to changes in market interest rates rather than a deterioration in the creditworthiness of the underlying obligor. Based on a consideration of factors, including cash flow analysis, the MUFG Group expects to recover the entire amortized cost basis of these securities. Accordingly, no credit loss was identified as of March 31, 2025 and no impairment loss has been recorded.

As of March 31, 2025, unrealized losses associated with corporate bonds were primarily related to private placement bonds issued by Japanese non-public companies. The credit loss component recognized in earnings is identified as the amount of principal cash flows not expected to be received over the remaining terms of the bonds as estimated using the MUFG Group’s cash flow projections. The key assumptions include probability of default based on credit ratings of the bond issuers and loss given default.

As of March 31, 2025, unrealized losses associated with these securities were mainly resulting from changes in interest rates and not from changes in credit quality. Based on a consideration of factors, including cash flow analysis, the MUFG Group expects to recover the entire amortized cost basis of these securities. Accordingly, no credit loss was identified as of March 31, 2025 and no impairment loss had been recorded.

As of March 31, 2025, unrealized losses associated with these securities, other than highly illiquid securities for which fair values are difficult to determine, were mainly resulting from changes in interest rates and not from changes in credit quality. Based on a consideration of factors, including cash flow analysis, the MUFG Group expects to recover the entire amortized cost basis of these securities. For the highly illiquid securities, including certain collateralized loan obligations (“CLOs”), unrealized losses arise from widening credit spreads, deterioration of the credit quality of the underlying collateral, uncertainty regarding the valuation of such securities and the market’s view of the performance of the fund managers. When the fair value of a security is lower than its amortized cost or when any security is subject to a deterioration in credit rating, the MUFG Group undertakes a cash flow analysis of the underlying collateral to estimate the credit loss and confirms the intent and ability to hold these securities until recovery. Based on the analysis performed, no credit loss was identified as of March 31, 2025 and no impairment loss has been recorded.


	Fiscal years ended March 31,
	2023 (As Adjusted)		2024 (As Adjusted)		2025
	(in millions)
Net gains (losses) recognized during the period(1)	¥	102,415	¥	1,527,792	¥	(674,282)
Less:
Net gains (losses) recognized during the period on equity securities sold during the period	18,228		113,216		(107,892)
Net unrealized gains (losses) recognized during the reporting period still held at the reporting date	¥	84,187	¥	1,414,576	¥	(566,390)

The following table presents the carrying value of nonmarketable equity securities that are measured at cost minus impairment, if any, plus or minus changes resulting from observable price changes (“measurement alternative”), held at March 31, 2024 and 2025:


	Fiscal years ended March 31,
	2023		2024		2025
	(in millions)
Measurement alternative impairment losses(1)(4)	¥	(8,230)	¥	(11,943)	¥	(37,469)
Measurement alternative downward changes for observable prices(1)(2)(3)(5)	¥	(440)	¥	(1,567)	¥	—
Measurement alternative upward changes for observable prices(1)(2)(3)(6)	¥	5,090	¥	882	¥	8,060

(3)The MUFG Group applied measurement alternative downward or upward changes to certain nonmarketable equity securities, resulting from observable prices in orderly transactions, such as partial repurchase and transactions by other entities.