v3.26.1
Retirement Benefits (Tables)
12 Months Ended
Mar. 31, 2026
Text Block1 [Abstract]  
Detailed Information for the Defined Benefit Plans
The following tables provide detailed information for the defined benefit
pla
ns.
 
The amounts of the retirement benefit liabilities and the retirement benefit assets recognized in the consolidated statements of financial position at March 31, 2026 and 2025 were determined as follows:
 

 
  
At March 31,
 
 
  
2026
 
 
2025
 
 
  
(In millions)
 
Present value of unfunded obligations
   ¥ (24,054 )    ¥ (25,972
Present value of funded obligations
     (757,430      (857,083
Fair value of plan assets
     2,034,686        1,804,994  
  
 
 
    
 
 
 
Net retirement benefit assets (liabilities) before the asset ceiling
   ¥ 1,253,202      ¥ 921,939  
  
 
 
    
 
 
 
Effect of the asset ceiling
     659,730        443,867  
  
 
 
    
 
 
 
Net retirement benefit assets (liabilities)
   ¥ 593,472      ¥ 478,072  
  
 
 
    
 
 
 
Of which retirement benefit liabilities included in “Other liabilities”
   ¥ (35,829 )    ¥ (34,996
Of which retirement benefit assets included in “Other assets”
   ¥ 629,301      ¥ 513,068  
Movements in Defined Benefit Obligation
The movements in the defined benefit obligations for the fiscal years ended March 31, 2026 and 2025 were as follows:
 

 
  
For the fiscal year ended
March 31,
 
 
  
2026
 
 
2025
 
 
  
(In millions)
 
At beginning of period
   ¥  883,055      ¥  986,810  
Current service cost
     21,924        25,597  
Interest cost
     20,286        15,154  
Actuarial losses (gains)—demographic assumptions
     567        (4,170
Actuarial losses (gains)—financial assumptions
     (81,664 )      (80,455
Actuarial losses (gains)—experience
     (3,837 )      447  
Benefits paid
     (45,227 )      (43,583
Lump-sum
payments
     (15,623      (16,094
Past service cost
     462         
Others
     1,541        (651
  
 
 
    
 
 
 
At end of period
   ¥ 781,484      ¥ 883,055  
  
 
 
    
 
 
 
Movements in Fair Value of the Plan Assets
The movements in the fair value of plan assets for the fiscal years ended March 31, 2026 and 2025 were as follows:
 

 
  
For the fiscal year ended
March 31,
 
 
  
2026
 
 
2025
 
 
  
(In millions)
 
At beginning of period
   ¥  1,804,994      ¥  1,820,599  
Interest income
     41,293        27,406  
Return on plan assets excluding interest income
     217,483        (13,129
Contributions by employer
     13,384        13,979  
Benefits paid
     (45,227      (43,583
Others
     2,759        (278
  
 
 
    
 
 
 
At end of period
   ¥ 2,034,686      ¥ 1,804,994  
  
 
 
    
 
 
 
Effect of the Asset Ceiling
The movements in the effect of the asset ceiling for the fiscal years ended March 31, 2026 and 2025 were as follows:
 

 
  
For the fiscal year ended
March 31,
 
 
  
2026
 
  
2025
 
 
  
(In millions)
 
At beginning of period
   ¥  443,867      ¥  330,739  
Interest cost
     9,943        4,896  
Change in the asset ceiling
     205,920        108,232  
  
 
 
    
 
 
 
At end of period
   ¥ 659,730      ¥ 443,867  
  
 
 
    
 
 
 
Amounts Recognized in Consolidated Income Statement
The amounts recognized in “General and administrative expenses” in the consolidated income statements for the fiscal years ended March 31, 2026, 2025 and 2024 were as follows:
 

 
  
For the fiscal year ended March 31,
 
 
  
2026
 
 
2025
 
 
2024
 
 
  
(In millions)
 
Current service cost
   ¥  21,924      ¥  25,597     ¥  26,431  
Net interest cost
     (11,064      (7,356     (6,213
Past service cost
     462              (20
  
 
 
    
 
 
   
 
 
 
Total
   ¥ 11,322      ¥ 18,241     ¥ 20,198  
  
 
 
    
 
 
   
 
 
 
Plan Assets
The plan assets at March 31, 2026 and 2025 were composed as follows:
 

 
 
At March 31,
 
 
 
2026
 
 
2025
 
 
 
Quoted in
active markets
 
 
Other
 
 
Total
 
 
Quoted in
active markets
 
 
Other
 
 
Total
 
 
 
(In millions)
 
Plan assets retained in the pension funds:
                 
Equity instruments
   ¥ 155,581      ¥ 88,434      ¥ 244,015      ¥ 160,285      ¥ 118,407      ¥ 278,692  
Debt instruments
     5,377        210,267        215,644        8,955        204,352        213,307  
General account of life insurance companies
     138        22,577        22,715        160        22,195        22,355  
Other investments and short-term assets
     49,947        811,018        860,965        48,128        657,649        705,777  
Plan assets retained in the retirement benefit trusts:
                 
Equity instruments
     541,865        4,025        545,890        546,424        3,162        549,586  
Other short-term assets
     135,429        10,028        145,457        24,827        10,450        35,277  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Total
   ¥ 888,337      ¥ 1,146,349      ¥ 2,034,686      ¥ 788,779      ¥ 1,016,215      ¥ 1,804,994  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Principal Actuarial Assumptions
The principal actuarial assumptions used at March 31, 2026, 2025 and 2024 were as follows:
 
 
  
At March 31,
 
 
  
2026
 
 
2025
 
 
2024
 
Discount rates
     3.2     2.2     1.5
Sensitivity Analyses of Effect of Changes in Key Assumptions on Defined Benefit Obligations
The sensitivity analyses of the eff
e
ct of changes in key assumptions on the defined benefit obligations at March 31, 2026 and 2025 were as follows:
 

 
  
At March 31,
 
 
  
2026
 
 
2025
 
 
  
Increase/(decrease)
 
 
Increase/(decrease)
 
 
  
(In millions)
 
Discount rates:
     
Increase by
50
bps
   ¥ (32,112    ¥ (40,637
Decrease by
50
bps
     35,458        45,208  
Average life expectancy at age 60:
     
Increase of one year
   ¥ 18,325      ¥ 23,391  
Weighted Average Durations of Defined Benefit Plans
The weighted average durations of defined benefit plans for the fiscal years ended March 31, 2026, 2025 and 2024 were as follows:
 

 
  
At March 31,
 
 
  
2026
 
  
2025
 
  
2024
 
 
  
(Years)
 
Lump-sum
severance indemnity plans
     10.6        11.2        12.0  
Defined benefit pension plans
     14.2        15.4        16.4