v3.26.1
Investments (Tables)
 12 Months Ended
Mar. 31, 2026
Schedule of Investments [Line Items]  
Amortized Cost, Gross Unrealized Gains and Losses, and Fair Value of Available-for-Sale and Held-to-Maturity Securities
The amortized cost, net of allowance for credit losses, gross unrealized gains and losses, and fair value of
available-for-sale
and
held-to-maturity
securities at March 31, 2025 and 2026 are as follows:
 
   
Amortized

cost
(4)(5)
    
Gross

unrealized

gains
    
Gross

unrealized

losses
    
Fair value
  
                         
   
(in millions of yen)
  
2025
        
Available-for-sale
securities:
        
Debt securities:
        
Japanese government bonds
     8,378,639       123       16,329       8,362,432  
Japanese local government bonds
     571,110       5       23,376       547,739  
U.S. Treasury bonds and federal agency securities
     127,719       34       123       127,630  
Other foreign government bonds
     2,586,790       6,078       1,704       2,591,164  
Agency mortgage-backed securities
(1)
     340,583       10       25,034       315,558  
Residential mortgage-backed securities
     21,802       1       897       20,907  
Commercial mortgage-backed securities
     850,518       4,693       1,424       853,787  
Japanese corporate bonds and other debt securities
     1,436,823       13,220       11,952       1,438,091  
Foreign corporate bonds and other debt securities
(2)
     800,601       2,079       1,371       801,309  
 
 
 
    
 
 
    
 
 
    
 
 
  
Total
     15,114,585       26,243       82,211       15,058,617  
 
 
 
    
 
 
    
 
 
    
 
 
  
Held-to-maturity
securities:
        
Debt securities:
        
Japanese government bonds
     419,480       —        19,601       399,879  
Agency mortgage-backed securities
(3)
     3,766,283       23,982       162,763       3,627,502  
 
 
 
    
 
 
    
 
 
    
 
 
  
Total
     4,185,763       23,982       182,364       4,027,381  
 
 
 
    
 
 
    
 
 
    
 
 
  
 
   
Amortized

cost
(4)(5)
    
Gross

unrealized

gains
    
Gross

unrealized

losses
    
Fair value
  
                         
   
(in millions of yen)
  
2026
        
Available-for-sale
securities:
        
Debt securities:
        
Japanese government bonds
     14,977,828       32       52,939       14,924,920  
Japanese local government bonds
     157,569       1       7,869       149,702  
U.S. Treasury bonds and federal agency securities
     137,811       186       25       137,973  
Other foreign government bonds
     3,562,809       4,412       3,263       3,563,958  
Agency mortgage-backed securities
(1)
     342,743       —        60,907       281,835  
Residential mortgage-backed securities
     11,794       —        —        11,794  
Commercial mortgage-backed securities
     912,841       4,040       2,870       914,012  
Japanese corporate bonds and other debt securities
     926,093       8,357       11,722       922,727  
Foreign corporate bonds and other debt securities
(2)
     942,239       860       1,332       941,766  
 
 
 
    
 
 
    
 
 
    
 
 
  
Total
     21,971,727       17,887       140,927       21,848,687  
 
 
 
    
 
 
    
 
 
    
 
 
  
Held-to-maturity
securities:
        
Debt securities:
        
Japanese government bonds
     419,568       —        26,355       393,213  
Agency mortgage-backed securities
(3)
     4,432,816       36,938       151,903       4,317,851  
 
 
 
    
 
 
    
 
 
    
 
 
  
Total
     4,852,384       36,938       178,258       4,711,064  
 
 
 
    
 
 
    
 
 
    
 
 
  
 
Notes:    
(1)
Agency mortgage-backed securities presented in this line consist of Japanese and Foreign agency mortgage-backed securities, of which the fair values were ¥315,536 million and ¥22 million, respectively, at March 31, 2025, and ¥281,815 million and ¥21 million,
 
  respectively, at March 31, 2026. All Japanese agency mortgage-backed securities are issued by Japan Housing Finance Agency, a Japanese government-sponsored enterprise. Foreign agency mortgage-backed securities primarily consist of Government National Mortgage Association (“Ginnie Mae”) securities, which are guaranteed by the United States government.
(2)
Other debt securities presented in this line primarily consist of Foreign negotiable certificates of deposit (“NCDs”) and asset-backed securities (“ABS”), of which the total fair values were ¥221,706 million at March 31, 2025, and ¥287,547 million at March 31, 2026.
(3)
All Agency mortgage-backed securities presented in this line are Ginnie Mae securities.
(4)
Amortized cost, net of the allowance for credit losses, of which the amounts related to
available-for-sale
securities were ¥nil at both March 31, 2025 and 2026.
(5)
Accrued interest receivables of ¥20,845 million at March 31, 2025, and ¥29,997 million at March 31, 2026 are excluded from amortized cost and included in Accrued income.
Amortized Cost and Fair Value of Available-for-Sale and Held-to-Maturity Securities by Contractual Maturity
The amortized cost, net of allowance for credit losses, and fair value of
available-for-sale
and
held-to-maturity
securities at March 31, 2026 are shown in the table below based on their contractual maturities. Expected maturities may differ from contractual maturities because some securities are not due at a single maturity date, and some securities, such as mortgage-backed securities, contain embedded call or prepayment options.
 
Amortized cost
  
Due in one

year or less
    
Due after one

year through

five years
    
Due after five

years through

ten years
    
Due after

ten years
    
Total
  
   
(in millions of yen)
  
Available-for-sale
securities:
    

















Debt securities:
          
Japanese government bonds
     12,024,349       2,067,881       865,813       19,784       14,977,828  
Japanese local government bonds
     40,544       65,219       51,513       293       157,569  
U.S. Treasury bonds and federal agency securities
     137,811       —        —        —        137,811  
Other foreign government bonds
     2,933,330       626,880       1,302       1,297       3,562,809  
Agency mortgage-backed securities
     —        —        522       342,221       342,743  
Residential mortgage-backed securities
     127       837       9,666       1,164       11,794  
Commercial mortgage-backed securities
     6,070       659,622       246,150       1,000       912,841  
Japanese corporate bonds and other debt securities
     92,304       356,607       131,633       345,549       926,093  
Foreign corporate bonds and other debt securities
     608,186       312,278       21,309       466       942,239  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total
     15,842,720       4,089,324       1,327,908       711,775       21,971,727  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Held-to-maturity
securities:
          
Debt securities:
          
Japanese government bonds
     89,991       119,941       209,636       —        419,568  
Agency mortgage-backed securities
     —        —        —        4,432,816       4,432,816  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total
     89,991       119,941       209,636       4,432,816       4,852,384  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
Fair value
  
Due in one

year or less
    
Due after one

year through

five years
    
Due after five

years through

ten years
    
Due after

ten years
    
Total
  
   
(in millions of yen)
  
Available-for-sale
securities:
    

















Debt securities:
          
Japanese government bonds
     12,014,919       2,057,650       832,541       19,810       14,924,920  
Japanese local government bonds
     40,375       62,607       46,478       241       149,702  
U.S. Treasury bonds and federal agency securities
     137,973       —        —        —        137,973  
Other foreign government bonds
     2,933,580       627,779       1,302       1,297       3,563,958  
Agency mortgage-backed securities
     —        —        512       281,323       281,835  
Residential mortgage-backed securities
     127       837       9,666       1,164       11,794  
Commercial mortgage-backed securities
     6,080       659,530       247,434       967       914,012  
Japanese corporate bonds and other debt securities
     91,873       352,530       129,397       348,928       922,727  
Foreign corporate bonds and other debt securities
     608,056       311,856       21,388       466       941,766  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total
     15,832,983       4,072,790       1,288,718       654,197       21,848,687  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Held-to-maturity
securities:
          
Debt securities:
          
Japanese government bonds
     89,076       115,131       189,006       —        393,213  
Agency mortgage-backed securities
     —        —        —        4,317,851       4,317,851  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total
     89,076       115,131       189,006       4,317,851       4,711,064  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Gross Unrealized Losses and Fair Value of Available-for-Sale and Held-to-Maturity Securities, Aggregated by Length of Time that Individual Securities Have Been in a Continuous Unrealized Loss Position
The following table shows the gross unrealized losses, net of allowance for credit losses, and fair value of
available-for-sale
securities, aggregated by the length of time that individual securities have been in a continuous unrealized loss position, at March 31, 2025 and 2026:
 
   
Less than 12 months
    
12 months or more
    
Total
  
   
Fair

value
    
Gross

unrealized

losses
    
Fair

value
    
Gross

unrealized

losses
    
Fair

value
    
Gross

unrealized

losses
  
   
(in millions of yen)
  
2025
  
Available-for-sale
securities:
            
Debt securities:
            
Japanese government bonds
     7,660,587       16,325       1,725       5       7,662,312       16,329  
Japanese local government bonds
     54,117       1,975       493,411       21,402       547,528       23,376  
U.S. Treasury bonds and federal agency securities
     22,241       123       —        —        22,241       123  
Other foreign government bonds
     757,135       446       138,034       1,258       895,169       1,704  
Agency mortgage-backed securities
(Note)
    63,435       2,971       245,191       22,064       308,626       25,034  
Residential mortgage-backed securities
     1,952       9       17,188       888       19,140       897  
Commercial mortgage-backed securities.
     71,383       534       113,411       890       184,795       1,424  
Japanese corporate bonds and other debt securities
     127,307       1,972       1,058,758       9,980       1,186,066       11,952  
Foreign corporate bonds and other debt securities
     142,540       256       42,959       1,115       185,499       1,371  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total
     8,900,698       24,609       2,110,679       57,602       11,011,377       82,211  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
2026
  
Available-for-sale
securities:
            
Debt securities:
            
Japanese government bonds
     12,516,541       29,556       2,085,665       23,383       14,602,206       52,939  
Japanese local government bonds
     7,897       235       141,676       7,633       149,573       7,869  
U.S. Treasury bonds and federal agency securities
     25,533       25       —        —        25,533       25  
Other foreign government bonds
     1,338,162       3,125       156,683       138       1,494,845       3,263  
Agency mortgage-backed securities
(Note)
     27,499       4,270       254,316       56,637       281,815       60,907  
Residential mortgage-backed securities
     —        —        —        —        —        —   
Commercial mortgage-backed securities.
     53,439       1,011       98,330       1,859       151,769       2,870  
Japanese corporate bonds and other debt securities
     66,140       247       571,520       11,476       637,661       11,722  
Foreign corporate bonds and other debt securities
     275,768       1,157       39,276       175       315,044       1,332  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total
     14,310,978       39,627       3,347,467       101,300       17,658,445       140,927  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
Note:
Agency mortgage-backed securities presented in this line consist of Japanese agency mortgage-backed securities, of which the fair values were ¥308,626 million at March 31, 2025, and ¥281,815 million at March 31, 2026. All Japanese agency mortgage-backed securities are issued by Japan Housing Finance Agency, a Japanese government-sponsored enterprise.    
Realized Gains and Losses on Sales of Available-for-Sale Securities
The following table shows the realized gains and losses on sales of
available-for-sale
securities for the fiscal years ended March 31, 2024, 2025 and 2026. See “Consolidated Statements of Cash Flows for the fiscal years ended March 31, 2024, 2025 and 2026” for the proceeds from sales of investments.
 
   
2024
    
2025
    
2026
  
                   
   
(in millions of yen)
  
Gross realized gains
     34,287         14,153       34,290  
Gross realized losses
     (51,384 )      (29,821 )      (113,063 )
 
 
 
 
    
 
 
    
 
 
  
Net realized gains (losses) on sales of
available-for-sale
securities
     (17,097 )      (15,668 )      (78,773 )
 
 
 
    
 
 
    
 
 
  
Summary of Details of Net Gains and Losses on Equity Securities
The following table shows the details of the net gains and losses on Equity securities for the fiscal years ended March 31, 2024, 2025 and 2026:
 
   
2024
    
2025
    
2026
  
                   
   
(in millions of yen)
  
Net gains (losses) recognized during the period on equity securities
     1,010,288       (181,948 )      1,035,589  
Less: Net gains (losses) recognized during the period on equity securities sold during the period
     235,564       72,627       243,035  
 
 
 
    
 
 
    
 
 
  
Unrealized gains (losses) recognized during the reporting period on equity securities still held at the reporting period
     774,724       (254,575 )      792,553  
 
 
 
    
 
 
    
 
 
  
Summary of Downward Adjustments and Impairments and Upward Adjustments
The following table shows carrying amounts of equity securities without readily determinable fair values, for which the measurement alternative is used, and cumulative amounts due to downward adjustments and impairments and upward adjustments, at March 31, 2024, 2025 and 2026:
 
   
2024
    
2025
    
2026
  
                   
   
(in millions of yen)
  
Carrying amounts at the end of the period
     357,938       601,621       686,545  
Downward adjustments and impairments
     11,002       23,886       28,869  
Upward adjustments
     13,764       13,880       13,713  
Summary of Equity Securities Without Readily Determinable Fair Values
The following table shows amounts recognized in earnings during the period due to downward adjustments and impairments and upward adjustments for equity securities without readily determinable fair values.
 
   
2024
    
2025
    
2026
  
                   
   
(in millions of yen)
  
Downward adjustments and impairments
       7,296        14,328       7,862  
Upward adjustments
     825       826       633  
Summary of Composition of Other Investments
The following table summarizes the composition of Other investments at March 31, 2025 and 2026:
 
   
2025
    
2026
  
   
(in millions of yen)
  
Equity method investments
     907,413       978,287  
Investments held by consolidated investment companies and other
     93,176       95,477  
 
 
 
    
 
 
  
Total
     1,000,589       1,073,764