Fair Value (Tables)

12 Months Ended

Mar. 31, 2025

Assets and Liabilities Measured at Fair Value by Level on Recurring Basis

The following tables present the financial instruments carried at fair value by level within the fair value hierarchy as of March 31, 2024 and 2025:


At March 31, 2024 (As Adjusted)	Level 1		Level 2		Level 3		Fair Value
	(in millions)
Assets
Trading account assets:
Trading securities(1)	¥	18,626,261	¥	13,463,967	¥	2,041,954	¥	34,132,182
Debt securities
Japanese national government and Japanese government agency bonds	6,278,228		395,745		—		6,673,973
Japanese prefectural and municipal bonds	—		91,683		—		91,683
Foreign government and official institution bonds	10,170,757		668,715		101		10,839,573
Corporate bonds	8,937		2,723,957		—		2,732,894
Residential mortgage-backed securities	—		5,422,286		—		5,422,286
Asset-backed securities	—		1,374,191		1,352,755		2,726,946
Other debt securities	—		2,599		536,846		539,445
Commercial paper	—		1,609,441		—		1,609,441
Equity securities(2)	2,168,339		1,175,350		152,252		3,495,941
Trading derivative assets	90,334		15,099,648		151,242		15,341,224
Interest rate contracts	14,143		9,381,056		110,013		9,505,212
Foreign exchange contracts	10,473		5,623,544		12,647		5,646,664
Equity contracts	65,718		48,606		8,647		122,971
Commodity contracts	—		391		18,282		18,673
Credit derivatives	—		46,047		1,148		47,195
Other(8)	—		4		505		509
Trading loans(3)	—		31,542		—		31,542
Investment securities:
Available-for-sale debt securities	23,569,981		7,648,181		204,805		31,422,967
Japanese national government and Japanese government agency bonds	21,336,860		1,830,540		—		23,167,400
Japanese prefectural and municipal bonds	—		1,045,991		—		1,045,991
Foreign government and official institution bonds	2,233,121		1,069,430		—		3,302,551
Corporate bonds	—		1,021,296		5,172		1,026,468
Residential mortgage-backed securities	—		1,229,510		15		1,229,525
Asset-backed securities	—		1,114,195		132,951		1,247,146
Other debt securities	—		337,219		66,667		403,886
Equity securities	5,400,634		70,172		87,814		5,558,620
Marketable equity securities	5,400,634		70,172		—		5,470,806
Nonmarketable equity securities(4)	—		—		87,814		87,814
Other(5)	1,175,125		1,226,942		79,154		2,481,221
Total	¥	48,862,335	¥	37,540,452	¥	2,564,969	¥	88,967,756


At March 31, 2024 (As Adjusted)	Level 1		Level 2		Level 3		Fair Value
	(in millions)
Liabilities
Trading account liabilities:
Trading securities sold, not yet purchased	¥	103,705	¥	4,508	¥	—	¥	108,213
Trading derivative liabilities	117,567		16,261,406		92,336		16,471,309
Interest rate contracts	30,997		10,594,827		70,527		10,696,351
Foreign exchange contracts	954		5,532,241		2,449		5,535,644
Equity contracts	85,616		72,337		389		158,342
Commodity contracts	—		—		18,327		18,327
Credit derivatives	—		61,999		488		62,487
Other(8)	—		2		156		158
Obligation to return securities received as collateral(6)	6,955,707		195,622		71,399		7,222,728
Other(7)	—		189,649		6,486		196,135
Total	¥	7,176,979	¥	16,651,185	¥	170,221	¥	23,998,385


At March 31, 2025	Level 1		Level 2		Level 3		Fair Value
	(in millions)
Assets
Trading account assets:
Trading securities(1)	¥	20,407,859	¥	15,222,947	¥	2,746,696	¥	38,377,502
Debt securities
Japanese national government and Japanese government agency bonds	6,140,726		754,529		—		6,895,255
Japanese prefectural and municipal bonds	—		288,472		—		288,472
Foreign government and official institution bonds	11,602,182		774,775		—		12,376,957
Corporate bonds	4,755		2,717,719		175,464		2,897,938
Residential mortgage-backed securities	—		7,313,220		—		7,313,220
Asset-backed securities	—		1,279,679		1,816,507		3,096,186
Other debt securities	—		61,578		612,102		673,680
Commercial paper	—		1,224,538		—		1,224,538
Equity securities(2)	2,660,196		808,437		142,623		3,611,256
Trading derivative assets	58,729		20,597,301		77,897		20,733,927
Interest rate contracts	12,565		14,860,818		22,298		14,895,681
Foreign exchange contracts	1,416		5,592,040		27,345		5,620,801
Equity contracts	44,748		94,288		6,961		145,997
Commodity contracts	—		293		19,892		20,185
Credit derivatives	—		49,861		757		50,618
Other(8)	—		1		644		645
Trading loans(3)	—		28,447		—		28,447
Investment securities:
Available-for-sale debt securities	23,867,794		6,347,624		197,750		30,413,168
Japanese national government and Japanese government agency bonds	21,152,903		930,954		—		22,083,857
Japanese prefectural and municipal bonds	—		309,998		—		309,998
Foreign government and official institution bonds	2,714,891		1,363,578		—		4,078,469
Corporate bonds	—		898,304		5,579		903,883
Residential mortgage-backed securities	—		1,122,236		15		1,122,251
Asset-backed securities	—		1,269,867		142,284		1,412,151
Other debt securities	—		452,687		49,872		502,559
Equity securities	3,779,986		52,002		100,762		3,932,750
Marketable equity securities(9)	3,779,986		52,002		—		3,831,988
Nonmarketable equity securities(4)	—		—		100,762		100,762
Other(5)	973,130		1,757,936		8,100		2,739,166
Total	¥	49,087,498	¥	44,006,257	¥	3,131,205	¥	96,224,960


At March 31, 2025	Level 1		Level 2		Level 3		Fair Value
	(in millions)
Liabilities
Trading account liabilities:
Trading securities sold, not yet purchased	¥	389,643	¥	2,462	¥	—	¥	392,105
Trading derivative liabilities	48,534		20,995,246		67,027		21,110,807
Interest rate contracts	28,532		15,998,172		44,232		16,070,936
Foreign exchange contracts	2,197		4,900,685		2,026		4,904,908
Equity contracts	17,805		43,467		358		61,630
Commodity contracts	—		1		19,926		19,927
Credit derivatives	—		52,921		430		53,351
Other(8)	—		—		55		55
Obligation to return securities received as collateral(6)	5,754,639		292,116		—		6,046,755
Other(7)	—		267,202		(49,328)		217,874
Total	¥	6,192,816	¥	21,557,026	¥	17,699	¥	27,767,541

Notes:

(1)Includes securities measured under the fair value option.

(2)Excludes certain investments valued at net asset value of private equity and other funds, whose fair values were ¥264,458 million and ¥277,252 million at March 31, 2024 and 2025, respectively. The amounts of unfunded commitments related to these private equity and other funds were ¥134,429 million and ¥276,433 million at March 31, 2024 and 2025, respectively.

(3)Includes loans measured under the fair value option.

(4)Excludes certain investments valued at net asset value of real estate funds and private equity and other funds, whose fair values at March 31, 2024 were ¥37,207 million and ¥53,324 million, respectively, and those at March 31, 2025 were ¥40,477 million and ¥56,334 million, respectively. The amounts of unfunded commitments related to these real estate funds and private equity and other funds at March 31, 2024 were ¥869 million and ¥250 million, respectively, and those at March 31, 2025 were nil and ¥13,650 million, respectively.

(5)Includes securities received as collateral that may be sold or repledged under securities lending transactions.

(6)Included in Other liabilities.

(7)Mainly includes other short-term borrowings, long-term debt, and bifurcated embedded derivatives carried at fair value.

(8)Includes certain derivatives such as earthquake derivatives.

(9)Includes equity securities subject to contractual sale restrictions, with a total fair value of ¥43,654 million at March 31, 2025. The contractual restriction of these securities a lock-up agreement, a market standoff agreement, or the result of a provision within a separate agreement between certain shareholders, and the range of remaining duration of these restrictions are 0.0-3.0 years. The market standoff agreements expire when the share price changes to a certain extent, and other agreements do not have specific clauses for a lapse in the restriction. See Note 1 for further information.

Reconciliation of Assets and Liabilities Measured at Fair Value on Recurring Basis Using Level 3 Inputs

Accordingly, the gains and losses in the tables below include changes in fair value due in part to observable inputs used in the valuation techniques.


Fiscal year ended March 31, 2024 (As Adjusted):	March 31, 2023		Total gains (losses) for the period																			March 31, 2024		Change in unrealized gains (losses) for assets and liabilities still held at March 31, 2024
			Included in earnings			Included in other comprehensive income		Purchases		Issues		Sales		Settlements		Transfers into Level 3			Transfers out of Level 3
	(in millions)
Assets
Trading account assets:
Trading securities(1)	¥	1,182,319	¥	213,607	(2)	¥	—	¥	728,692	¥	—	¥	(16,552)	¥	(66,257)	¥	145		¥	—		¥	2,041,954	¥	206,853	(2)
Debt securities
Foreign government and official institution bonds	1,168		123			—		7		—		(7)		(1,190)		—			—			101		—
Asset-backed securities	668,911		143,982			—		552,320		—		—		(12,458)		—			—			1,352,755		143,014
Other debt securities	334,124		61,722			—		141,000		—		—		—		—			—			536,846		61,722
Equity securities	178,116		7,780			—		35,365		—		(16,545)		(52,609)		145			—			152,252		2,117
Trading derivatives—net	81,096		1,979		(2)	1,383		423		(355)		—		(16,407)		49,297			(58,510)			58,906		1,549		(2)
Interest rate contracts—net	48,629		(9,448)			(1,240)		—		—		—		4,784		49,324		(5)	(52,563)		(5)	39,486		(8,541)
Foreign exchange contracts—net	11,345		2,429			922		—		—		—		(582)		98			(4,014)			10,198		3,309
Equity contracts—net	16,928		10,324			1,694		4		—		—		(20,415)		(125)			(152)			8,258		8,070
Commodity contracts—net	91		(128)			7		—		—		—		(15)		—			—			(45)		(128)
Credit derivatives—net	3,739		(1,119)			—		—		—		—		(179)		—			(1,781)			660		(1,087)
Other—net(8)	364		(79)			—		419		(355)		—		—		—			—			349		(74)
Investment securities:
Available-for-sale debt securities	253,964		1,433		(3)	21,037		208,845		—		—		(278,573)		26			(1,927)			204,805		12,939		(3)
Corporate bonds	2,000		(83)			275		2,978		—		—		(4)		26			(20)			5,172		194
Residential mortgage-backed securities	15		—			—		—		—		—		—		—			—			15		—
Asset-backed securities	182,938		1,597			14,325		205,611		—		—		(271,520)		—			—			132,951		6,360
Other debt securities	69,011		(81)			6,437		256		—		—		(7,049)		—			(1,907)			66,667		6,385
Equity securities	74,287		3,519		(3)	383		10,661		—		(2,200)		—		2,015			(851)			87,814		2,360		(3)
Nonmarketable equity securities	74,287		3,519			383		10,661		—		(2,200)		—		2,015			(851)			87,814		2,360
Other	75,750		(197)		(7)	141		5,585		—		—		(2,125)		—			—			79,154		(197)		(7)
Total	¥	1,667,416	¥	220,341		¥	22,944	¥	954,206	¥	(355)	¥	(18,752)	¥	(363,362)	¥	51,483		¥	(61,288)		¥	2,472,633	¥	223,504
Liabilities
Obligation to return securities received as collateral	¥	68,204	¥	—		¥	—	¥	—	¥	5,053	¥	—	¥	(1,858)	¥	—		¥	—		¥	71,399	¥	—
Other	57,121		(58,355)		(4)	(8,293)		—		17,699		—		(111,353)		(705)			(22,924)		(6)	6,486		(17,683)		(4)
Total	¥	125,325	¥	(58,355)		¥	(8,293)	¥	—	¥	22,752	¥	—	¥	(113,211)	¥	(705)		¥	(22,924)		¥	77,885	¥	(17,683)


Fiscal year ended March 31, 2025:	March 31, 2024		Total gains (losses) for the period					Purchases		Issues		Sales		Settlements		Transfers into Level 3			Transfers out of Level 3			March 31, 2025		Change in unrealized gains (losses) for assets and liabilities still held at March 31, 2025
			Included in earnings			Included in other comprehensive income
	(in millions)
Assets
Trading account assets:
Trading securities(1)	¥	2,041,954	¥	(5,968)	(2)	¥	(9,121)	¥	1,065,651	¥	—	¥	(27,371)	¥	(397,123)	¥	78,674		¥	—		¥	2,746,696	¥	(22,232)	(2)
Debt securities
Foreign government and official institution bonds	101		(1)			—		—		—		—		(100)		—			—			—		—
Corporate bonds	—		(812)			—		99,190		—		(1,374)		—		78,460		(5)	—			175,464		(773)
Asset-backed securities	1,352,755		(10,400)			(9,121)		853,526		—		(23,091)		(347,162)		—			—			1,816,507		(19,985)
Other debt securities	536,846		(1,034)			—		76,290		—		—		—		—			—			612,102		(1,034)
Equity securities	152,252		6,279			—		36,645		—		(2,906)		(49,861)		214			—			142,623		(440)
Trading derivatives—net	58,906		(5,605)		(2)	1,807		669		(312)		—		(23,328)		10,690			(31,957)			10,870		9,395		(2)
Interest rate contracts—net	39,486		(18,435)			(706)		—		—		—		(6,230)		(3,954)			(32,095)		(5)	(21,934)		(9,311)
Foreign exchange contracts—net	10,198		(244)			1,890		—		—		—		(1,505)		14,644		(5)	336			25,319		6,113
Equity contracts—net	8,258		13,373			627		—		—		—		(15,457)		—			(198)			6,603		12,892
Commodity contracts—net	(45)		30			(4)		—		—		—		(15)		—			—			(34)		32
Credit derivatives—net	660		(212)			—		—		—		—		(121)		—			—			327		(211)
Other—net(8)	349		(117)			—		669		(312)		—		—		—			—			589		(120)
Investment securities:
Available-for-sale debt securities	204,805		(12,852)		(3)	12,998		2,533		—		—		(9,872)		1,631			(1,493)			197,750		199		(3)
Corporate bonds	5,172		83			(67)		2,493		—		—		(2,240)		1,631			(1,493)			5,579		34
Residential mortgage-backed securities	15		—			—		—		—		—		—		—			—			15		—
Asset-backed securities	132,951		—			9,333		—		—		—		—		—			—			142,284		9,333
Other debt securities	66,667		(12,935)			3,732		40		—		—		(7,632)		—			—			49,872		(9,168)
Equity securities	87,814		4,842		(3)	447		14,898		—		(6,696)		—		1,608			(2,151)			100,762		1,944		(3)
Nonmarketable equity securities	87,814		4,842			447		14,898		—		(6,696)		—		1,608			(2,151)			100,762		1,944
Other	79,154		(246)		(7)	129		1,120		—		—		(72,057)		—			—			8,100		(117)		(7)
Total	¥	2,472,633	¥	(19,829)		¥	6,260	¥	1,084,871	¥	(312)	¥	(34,067)	¥	(502,380)	¥	92,603		¥	(35,601)		¥	3,064,178	¥	(10,811)
Liabilities
Obligation to return securities received as collateral	¥	71,399	¥	—		¥	—	¥	—	¥	—	¥	—	¥	(71,399)	¥	—		¥	—		¥	—	¥	—
Other	6,486		20,351		(4)	(2,062)		—		—		—		(30,998)		—			(6,527)		(6)	(49,328)		27,174		(4)
Total	¥	77,885	¥	20,351		¥	(2,062)	¥	—	¥	—	¥	—	¥	(102,397)	¥	—		¥	(6,527)		¥	(49,328)	¥	27,174

Notes:

(1)Includes Trading securities measured under the fair value option.

(2)Included in Trading account profits (losses)—net and Foreign exchange gains (losses)—net.

(3)Included in Investment securities gains (losses)—net and Other comprehensive income, net of tax.

(4)Included in Trading account profits (losses)—net, Other non-interest income and Other comprehensive income, net of tax.

(5)Transfers into (out of) Level 3 for Interest rate contracts—net were mainly caused by changes in the impact of unobservable input to the entire fair value measurement. Unobservable inputs include loss given default. Transfers into Level 3 for Corporate bonds were mainly caused by the increased impact of the Liquidity Premium on Fair Value. Transfers into Level 3 for Foreign exchange contracts—net were mainly caused by changes in the impact of unobservable inputs to the fair value measurement.

(6)Transfers out of Level 3 for long-term debt in Other were mainly caused by the decrease (increase) in the observability of the key inputs to the valuation models and a corresponding increase (decrease) in the significance of the unobservable inputs.

(7)Included in Other non-interest income.

(8)Includes certain derivatives such as earthquake derivatives.

Quantitative Information about Level 3 Fair Value Measurements

The following tables present information on the valuation techniques, significant unobservable inputs and their ranges for each major category of assets and liabilities measured at fair value on a recurring basis and classified in Level 3:


At March 31, 2024	Fair value(1)		Valuation technique	Significant unobservable inputs	Range	Weighted average(2)
	(in millions)
Assets
Trading securities and Investment securities :
Asset-backed securities	¥	1,248,241	Internal model(4)	Asset correlations	3.0%	3.0	%
				Discount factor	1.4%~1.6%	1.4	%
				Prepayment rate	17.7%	17.7	%
				Probability of default	0.0%~93.0%	—		(3)
				Recovery rate	55.0%	55.0	%
Other debt securities	587,272		Discounted cash flow	Liquidity premium	0.9%~3.2%	2.8	%

At March 31, 2024

Fair value(1)

Valuation technique

Significant unobservable inputs

Range

Median(2)

(in millions)

Trading derivatives—net:

Interest rate contracts—net

41,687

Option model

Correlation between interest rates

30.0%~60.7%

44.6%

Correlation between interest rate and foreign exchange rate

(2.0)%~60.0%

35.0%

Volatility

61.2%~80.6%

75.6%

Foreign exchange contracts—net

9,800

Option model

Correlation between interest rates

30.0%~70.0%

48.2%

Correlation between interest rate and foreign exchange rate

17.6%~60.0%

36.3%

Correlation between foreign exchange rates

50.0%~70.6%

66.4%

Volatility

9.9%~21.3%

14.1%

Equity contracts—net

4,414

Option model

Correlation between foreign exchange rate and equity

0.0%~30.0%

20.0%

Correlation between equities

5.0%~76.0%

57.5%

Volatility

25.0%~37.0%

33.9%

At March 31, 2025

Fair value(1)

Valuation technique

Significant unobservable inputs

Range

Weighted

average(2)

(in millions)

Assets

Trading securities and Investment securities:

Corporate bonds

175,464

Discounted cash flow

Liquidity premium

0.0%~0.2%

0.1%

Asset-backed securities

1,684,080

Internal model(4)

Asset correlations

2.0%

Discount factor

1.2%~1.3%

1.3%

Prepayment rate

28.0%

Probability of default

0.0%~99.0%

—

(3)

Recovery rate

60.4%

Other debt securities

659,534

Discounted cash flow

Liquidity premium

1.6%~3.2%

2.4%

At March 31, 2025

Fair value(1)

Valuation technique

Significant unobservable inputs

Range

Median(2)

(in millions)

Trading derivatives—net:

Interest rate contracts—net

(21,934)

Option model

Correlation between interest rates

30.0%~60.4%

44.0%

Correlation between interest rate and foreign exchange rate

5.7%~60.0%

34.3%

Recovery rate

80.0%～90.0%

85.0%

Volatility

65.3%~134.6%

73.5%

Foreign exchange contracts—net

25,319

Option model

Correlation between interest rates

30.0%~70.0%

45.6%

Correlation between interest rate and foreign exchange rate

19.2%~60.0%

36.7%

Correlation between foreign exchange rates

50.0%~66.4%

58.2%

Recovery rate

80.0%～90.0%

85.0%

Volatility

10.7%~20.9%

14.3%

Equity contracts—net

3,524

Option model

Correlation between foreign exchange rate and equity

6.0%~50.0%

10.0%

Correlation between equities

5.7%~95.0%

58.9%

Volatility

20.0%~35.5%

27.5%

Notes:

(1)The fair value as of March 31, 2024 and 2025 excludes the fair value of investments valued using vendor prices.

(2)Weighted average is calculated by weighing each input by the relative fair value of the respective financial instruments for investment securities. Median is used for derivative instruments.

(3)See “Probability of default” in “Changes in and range of unobservable inputs.”

(4)For further detail of Internal model, refer to the last paragraph of “Trading Account Assets and Liabilities—Trading Account Securities.”

Carrying Value of Assets Measured at Fair Value on Nonrecurring Basis by Level

The following table presents the carrying value of assets measured at fair value on a nonrecurring basis by level within the fair value hierarchy as of March 31, 2024 and 2025:


	2024 (As Adjusted)								2025
	Level 1		Level 2		Level 3		Total carrying value		Level 1		Level 2		Level 3		Total carrying value
	(in millions)
Assets
Investment securities(1)(2)	¥	—	¥	9,460	¥	45,175	¥	54,635	¥	—	¥	14,041	¥	49,830	¥	63,871
Loans	2,271		5,181		630,005		637,457		2,466		5,254		269,853		277,573
Loans held for sale	—		—		472,711		472,711		—		—		134,371		134,371
Collateral dependent loans	2,271		5,181		157,294		164,746		2,466		5,254		135,482		143,202
Premises and equipment	—		—		11,193		11,193		—		—		9,557		9,557
Intangible assets	—		—		5,174		5,174		—		—		5,449		5,449
Goodwill	—		—		—		—		—		—		161,758		161,758
Other assets	—		32,481		18,567		51,048		—		34,389		19,049		53,438
Investments in equity method investees(1)	—		27,801		1,702		29,503		—		27,745		2,057		29,802
Other	—		4,680		16,865		21,545		—		6,644		16,992		23,636
Total	¥	2,271	¥	47,122	¥	710,114	¥	759,507	¥	2,466	¥	53,684	¥	515,496	¥	571,646

Notes:

(1)Excludes certain investments valued at net asset value of ¥18,037 million and ¥39,541 million at March 31, 2024 and 2025, respectively. The unfunded commitments related to these investments are ¥24,208 million and ¥34,847 million at March 31, 2024 and 2025, respectively. These investments are in private equity funds.

(2)Includes certain nonmarketable equity securities that are measured at fair value on a nonrecurring basis, including impairment and observable price change for nonmarketable equity securities measured under the measurement alternative.

Losses (Gains) Recorded as a Result of Changes in Fair Value Measured on a Nonrecurring Basis

The following table presents losses recorded as a result of changes in the fair value of assets measured at fair value on a nonrecurring basis for the fiscal years ended March 31, 2024 and 2025:


	2024 (As Adjusted)		2025
	(in millions)
Investment securities	¥	12,628	¥	29,409
Loans	69,516		23,210
Loans held for sale	55,064		6,903
Collateral dependent loans	14,452		16,307
Premises and equipment	3,143		14,490
Intangible assets	14,929		13,057
Goodwill	—		150,089
Other assets	41,674		27,351
Investments in equity method investees	19,978		8,177
Other	21,696		19,174
Total	¥	141,890	¥	257,606

Gains (Losses) Related to Instruments for which Fair Value Option was Elected

The following table presents the gains or losses recorded for the fiscal years ended March 31, 2023, 2024 and 2025 related to the eligible instruments for which the MUFG Group elected the fair value option:


	2023						2024						2025
	Trading account profits (losses)		Foreign exchange gains (losses)		Total changes in fair value		Trading account profits (losses)		Foreign exchange gains (losses)		Total changes in fair value		Trading account profits (losses)		Foreign exchange gains (losses)		Total changes in fair value
	(in millions)
Financial assets:
Trading account securities	¥	(1,180,311)	¥	1,369,071	¥	188,760	¥	(173,290)	¥	2,176,389	¥	2,003,099	¥	1,636	¥	38,401	¥	40,037
Total	¥	(1,180,311)	¥	1,369,071	¥	188,760	¥	(173,290)	¥	2,176,389	¥	2,003,099	¥	1,636	¥	38,401	¥	40,037
Financial liabilities:
Other short-term borrowings(1)	¥	(3,626)	¥	—	¥	(3,626)	¥	3,690	¥	—	¥	3,690	¥	3,832	¥	—	¥	3,832
Long-term debt(1)	40,944		—		40,944		(20,426)		—		(20,426)		10,120		—		10,120
Total	¥	37,318	¥	—	¥	37,318	¥	(16,736)	¥	—	¥	(16,736)	¥	13,952	¥	—	¥	13,952

Note:

(1)Changes in the value attributable to the instrument-specific credit risk related to those financial liabilities were not material.

Differences between Aggregate Fair Value and Aggregate Remaining Contractual Principal Balance Outstanding

The following table presents the differences between the aggregate fair value and the aggregate remaining contractual principal balance outstanding as of March 31, 2024 and 2025 for long-term debt instruments for which the fair value option has been elected:


	2024						2025
	Remaining aggregate contractual amounts outstanding		Fair value		Fair value over (under) remaining aggregate contractual amounts outstanding		Remaining aggregate contractual amounts outstanding		Fair value		Fair value over (under) remaining aggregate contractual amounts outstanding
	(in millions)
Financial liabilities:
Long-term debt	¥	246,153	¥	234,909	¥	(11,244)	¥	156,302	¥	153,742	¥	(2,560)
Total	¥	246,153	¥	234,909	¥	(11,244)	¥	156,302	¥	153,742	¥	(2,560)

Summary of Carrying Amounts and Estimated Fair Values of Financial Instruments Not Carried at Fair Value on a Recurring Basis on Consolidated Balance Sheets by Level

The following is a summary of carrying amounts and estimated fair values by level within the fair value hierarchy of financial instruments which are not carried at fair value on a recurring basis in the accompanying consolidated balance sheets as of March 31, 2024 and 2025:


	Carrying amount		Estimated fair value
At March 31, 2024 (As Adjusted)			Total		Level 1		Level 2		Level 3
	(in billions)
Financial assets:
Cash and due from banks	¥	4,417	¥	4,417	¥	4,417	¥	—	¥	—
Interest-earning deposits in other banks	105,702		105,702		—		105,702		—
Call loans and funds sold	1,738		1,738		—		1,738		—
Receivables under resale agreements	18,824		18,824		—		18,824		—
Receivables under securities borrowing transactions	5,001		5,001		—		5,001		—
Investment securities	24,844		24,558		14,522		7,457		2,579
Loans, net of allowance for credit losses(1)	126,555		126,707		2		295		126,410
Other financial assets(2)	11,761		11,761		—		11,761		—
Financial liabilities:
Deposits
Non-interest-bearing	¥	38,805	¥	38,805	¥	—	¥	38,805	¥	—
Interest-bearing	208,360		208,512		—		208,512		—
Total deposits	247,165		247,317		—		247,317		—
Call money and funds purchased	5,094		5,094		—		5,094		—
Payables under repurchase agreements	35,690		35,690		—		35,690		—
Payables under securities lending transactions	1,017		1,017		—		1,017		—
Due to trust account and other short-term borrowings	15,747		15,747		—		15,747		—
Long-term debt	39,833		39,103		—		39,103		—
Other financial liabilities	9,081		9,081		—		9,081		—


	Carrying amount		Estimated fair value
At March 31, 2025			Total		Level 1		Level 2		Level 3
	(in billions)
Financial assets:
Cash and due from banks	¥	4,591	¥	4,591	¥	4,591	¥	—	¥	—
Interest-earning deposits in other banks	104,707		104,707		—		104,707		—
Call loans and funds sold	1,676		1,676		—		1,676		—
Receivables under resale agreements	18,782		18,782		—		18,782		—
Receivables under securities borrowing transactions	5,701		5,701		—		5,701		—
Investment securities	23,272		22,647		12,932		8,244		1,471
Loans, net of allowance for credit losses(1)	130,187		129,772		2		70		129,700
Other financial assets(2)	9,783		9,783		—		9,783		—
Financial liabilities:
Deposits
Non-interest-bearing	¥	36,820	¥	36,820	¥	—	¥	36,820	¥	—
Interest-bearing	212,633		212,643		—		212,643		—
Total deposits	249,453		249,463		—		249,463		—
Call money and funds purchased	5,017		5,017		—		5,017		—
Payables under repurchase agreements	43,664		43,664		—		43,664		—
Payables under securities lending transactions	718		718		—		718		—
Due to trust account and other short-term borrowings	28,229		28,229		—		28,229		—
Long-term debt	20,928		20,199		—		20,199		—
Other financial liabilities	9,038		9,038		—		9,038		—

Notes:

(1)Includes loans held for sale and collateral dependent loans measured at fair value on a nonrecurring basis. Refer to “Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis” for the details of the level classification.

(2)Excludes investments in equity method investees of ¥4,116 billion and ¥4,564 billion at March 31, 2024 and 2025, respectively.