Investment Securities

12 Months Ended

Mar. 31, 2026

9	INVESTMENT SECURITIES

The following table shows the amount of investment securities, which consist of debt instruments at amortized cost, debt instruments at fair value through other comprehensive income and equity instruments at fair value through other comprehensive income at March 31, 2026 and 2025.


	At March 31,
	2026		2025

	(In millions)
Debt instruments at amortized cost:
Domestic:
Japanese government bonds	¥	4,420,130	¥	109,550
Japanese municipal bonds		151,898		151,882
Japanese corporate bonds		12,987		12,982

Total domestic		4,585,015		274,414

Foreign:
Bonds issued by governments and official institutions excluding U.S. Treasury and other U.S. government agency bonds		83,011		66,896
Mortgage-backed securities		14,933		13,876
Other debt instruments		80,757		11,811

Total foreign		178,701		92,583

Total debt instruments at amortized cost	¥	4,763,716	¥	366,997

Debt instruments at fair value through other comprehensive income:
Domestic:
Japanese government bonds	¥	5,476,428	¥	11,180,546
Japanese municipal bonds		683,035		822,575
Japanese corporate bonds		493,734		645,602
Other debt instruments		522		521

Total domestic		6,653,719		12,649,244

Foreign:
U.S. Treasury and other U.S. government agency bonds		6,809,035		5,539,051
Bonds issued by governments and official institutions excluding U.S. Treasury and other U.S. government agency bonds		5,314,924		4,531,619
Mortgage-backed securities		3,392,908		4,238,051
Other debt instruments		1,098,116		1,050,315

Total foreign		16,614,983		15,359,036

Total debt instruments at fair value through other comprehensive income	¥	23,268,702	¥	28,008,280

Equity instruments at fair value through other comprehensive income:
Domestic equity instruments	¥	3,840,059	¥	3,362,996
Foreign equity instruments		1,665,380		1,807,860

Total equity instruments at fair value through other comprehensive income	¥	5,505,439	¥	5,170,856

Total investment securities	¥	33,537,857	¥	33,546,133

Designation of equity instruments as at fair value through other comprehensive income

The Group designates equity instruments, which are issued by its customers and not held for trading, as at fair value through other comprehensive income. Those equity instruments are held to establish, maintain, and

strengthen business ties with those customers. Equity instruments at fair value through other comprehensive income at March 31, 2026 and 2025 consisted of the following:


	At March 31,
	2026		2025

	(In millions)
Listed	¥	4,013,893	¥	3,745,559
Unlisted		1,491,546		1,425,297

Total equity instruments at fair value through other comprehensive income	¥	5,505,439	¥	5,170,856

The investments in the listed equity instruments at fair value through other comprehensive income at March 31, 2026 and 2025 mainly consisted of the following:


	At March 31,
	2026		2025
	(In millions)
TOYOTA MOTOR CORPORATION	¥	461,665	¥	381,946
Ares Management Corporation		294,031		369,498
Jefferies Financial Group Inc.		242,909		294,857
Fujikura Ltd.		171,854		37,802
SBI Holdings, Inc.		153,846		107,541
The Bank of East Asia, Limited (1)		139,104		—
DAIKIN INDUSTRIES, LTD.		130,795		121,050
ITOCHU Corporation		95,763		69,010
Sumitomo Realty & Development Co., Ltd.		89,351		65,841
MITSUI & CO., LTD.		76,475		53,891
TOYOTA TSUSHO CORPORATION		75,855		31,783
Seven & i Holdings Co., Ltd.		62,644		63,809
KUBOTA CORPORATION		62,045		53,040
East Japan Railway Company		59,552		48,495
DAIWA HOUSE INDUSTRY CO., LTD.		55,485		59,690
Central Japan Railway Company		42,882		29,967
NIPPON STEEL CORPORATION		37,688		41,818
Sumitomo Electric Industries, Ltd.		36,835		10,840
Sanwa Holdings Corporation		35,504		51,752
Shionogi & Co., Ltd.		33,482		21,678
KAJIMA CORPORATION		31,742		20,067
SG HOLDINGS CO., LTD.		30,679		31,042
Makita Corporation		29,449		28,567
Mitsui O.S.K. Lines, Ltd.		29,232		34,241
West Japan Railway Company		28,027		26,132
Murata Manufacturing Co., Ltd.		27,391		18,525
TORAY INDUSTRIES, INC.		26,436		24,406
MINEBEA MITSUMI Inc.		25,917		22,221
DAIFUKU CO., LTD.		24,893		22,293
NIDEC CORPORATION		23,848		30,228
CME Group Inc.		22,284		18,718
Mitsui Fudosan Co., Ltd.		22,110		32,083
GMO Payment Gateway, Inc.		20,523		19,823
The Kansai Electric Power Company, Incorporated		20,133		13,808
Kawasaki Heavy Industries, Ltd.		19,429		11,975
TOYO SUISAN KAISHA, LTD.		19,373		15,488


	At March 31,
	2026		2025
	(In millions)
ASAHI KASEI CORPORATION		17,965		18,223
TOHO GAS CO., LTD.		16,640		13,666
Maruichi Steel Tube Ltd.		15,012		12,980
Marubeni Corporation		14,784		12,523
MEIDENSHA CORPORATION		14,640		8,423
BROTHER INDUSTRIES, LTD.		14,284		14,544
KANEKA CORPORATION		14,084		11,773
YAMAZAKI BAKING CO., LTD.		13,994		11,366
IBIDEN CO., LTD.		13,768		9,208
OASAKA GAS CO., LTD.		13,689		7,257
Sumitomo Metal Mining Co., Ltd.		13,568		6,218
KOITO MANUFACTURING CO., LTD.		13,275		10,001
TBS HOLDINGS, INC.		13,227		15,203
Electric Power Development Co., LTD.		13,024		7,977
BANDAI NAMCO Holdings Inc.		13,001		16,823
BLUE ZONES HOLDINGS CO., LTD. (formerly held as YAOKO CO., LTD.) (2)		12,260		11,877
Rengo Co., LTD.		12,157		7,660
CTBC Financial Holding Co., Ltd.		12,027		8,335
Sotetsu Holdings, Inc.		11,985		8,963
Chubu Electric Power Company, Incorporated		11,576		10,914
FUJIFILM Holdings Corporation		1,047		12,036
Sekisui House, Ltd.		965		15,330
Japan Exchange Group, Inc.		350		36,066
Others		977,340		1,174,268

Total listed equity instruments at fair value through other comprehensive income	¥	4,013,893	¥	3,745,559

(1)	Following the sale of a portion of its shares during the fiscal year ended March 31, 2026, The Bank of East Asia, Limited ceased to be an equity-method associate. The Group’s remaining investment is measured at fair value through other comprehensive income.

(2)	BLUE ZONES HOLDINGS CO., LTD. was established as the wholly owning parent company of YAOKO CO., LTD. through a sole share transfer on October 1, 2025. The Group’s investment in YAOKO CO., LTD. was replaced by shares of BLUE ZONES HOLDINGS CO., LTD.

Disposal of equity instruments at fair value through other comprehensive income

The Group sold equity instruments measured at fair value through other comprehensive income mainly in order to mitigate the impact of share price fluctuations on the Group’s financial base. The fair value of the equity instruments measured at fair value through other comprehensive income at the date of derecognition and the cumulative gain on disposal for the fiscal years ended March 31, 2026 and 2025 were as follows:


	For the fiscal year ended March 31,
	2026		2025
	(In millions)
Fair value of the equity instruments at fair value through other comprehensive income at the date of derecognition	¥	619,772	¥	667,657
Cumulative gain on disposal		482,553		490,955

The Group transferred the cumulative gain or loss related to the equity instruments that were derecognized or whose significant fair value decline reduced income tax expense for the current reporting period from “Other

reserves” to “Retained earnings.” The transferred amounts were ¥330,163 million and ¥338,766 million for the fiscal years ended March 31, 2026 and 2025, respectively.