Derivative financial instruments (Tables)

12 Months Ended

Mar. 31, 2026

Summary of Notional and Fair Value Amounts of Derivative Instruments Outstanding


			Fair value
			Derivative receivables (2)				Derivative payables (2)
2025	Notional amount (1)		Designated as hedges		Not designated as hedges		Designated as hedges		Not designated as hedges

	(in billions of yen)
Interest rate contracts		2,673,102		—		10,830		—		10,910
Foreign exchange contracts		318,749		—		4,534		—		4,813
Equity-related contracts		14,584		—		261		—		313
Credit-related contracts		33,847		—		245		—		210
Other contracts		878		—		21		—		21

Total		3,041,160		—		15,891		—		16,267


			Fair value
			Derivative receivables (2)				Derivative payables (2)
2026	Notional amount (1)		Designated as hedges		Not designated as hedges		Designated as hedges		Not designated as hedges

	(in billions of yen)
Interest rate contracts		3,456,811		—		16,440		—		16,892
Foreign exchange contracts		391,538		—		6,725		—		6,566
Equity-related contracts		19,645		—		355		—		550
Credit-related contracts		27,092		—		206		—		134
Other contracts		636		—		57		—		63

Total		3,895,722		—		23,782		—		24,205

Notes:

(1)	Notional amount includes the sum of gross long and gross short third-party contracts.

(2)	Derivative receivables and payables are recorded in Trading account assets and Trading account liabilities, respectively.

Summary of Notional and Fair Value Amounts of Credit Derivatives

The following table summarizes the notional and fair value amounts of credit derivatives at March 31, 2025 and 2026:


	2025					2026
	Notional amount		Fair value			Notional amount		Fair value
	(in billions of yen)
Credit protection written:
Investment grade		9,201		59			9,191		53
Non-investment grade		6,549		106			3,402		38

Total		15,750		164			12,592		91

Credit protection purchased		18,097		(129	)		14,499		(19	)

Note:

The rating scale is based upon either the external ratings or the internal ratings of the underlying reference credit. The lowest investment grade rating is considered to be

BBB-,

while anything below or unrated is considered to be

non-investment

grade.

Non-investment

grade credit derivatives primarily consist of unrated credit default swap indices such as CDX and iTraxx.

Maximum Potential Amount of Future Payments for Credit Protection Written by Expiration Period

The following table shows the maximum potential amount of future payments for credit protection written by expiration period at March 31, 2025 and 2026:


	Maximum payout/Notional amount
	2025		2026
	(in billions of yen)
One year or less		1,173		1,844
After one year through five years		13,125		9,008
After five years		1,452		1,740

Total		15,750		12,592

Note:

The maximum potential amount of future payments is the aggregate notional amount of the credit derivatives where the Group wrote the credit protection, and it has not been reduced by the effect of any amounts that the Group may possibly collect on the underlying assets and the related cash flows, nor netted against that of credit protection purchased.

Quantitative Information about Derivative Instruments with Credit-risk-related Contingent Features

The following table shows the quantitative information about derivative instruments with credit-risk-related contingent features at March 31, 2025 and 2026:


	2025		2026

	(in billions of yen)

Aggregate fair value of derivative instruments with credit-risk-related contingent features in net liability positions		1,359		1,563
Collateral provided to counterparties in the normal course of business		1,118		1,183
Amount required to be posted as collateral or settled immediately if credit-risk-related contingent features were triggered		241		380

Not Designated as Hedging Instrument

Derivative [Line Items]

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance


	Gains (losses) recorded in income
	2024			2025			2026
	(in millions of yen)
Interest rate contracts		(22,003	)		(10,636	)		(709,941	)
Foreign exchange contracts		387,591			464,463			332,489
Equity-related contracts		240,277			64,292			(317,436	)
Credit-related contracts (Note)		(3,053	)		6,531			(22,718	)
Other contracts		(42,005	)		(5,678	)		4,166

Total		560,806			518,972			(713,441	)

Note:

Amounts include the net gains (losses) of ¥(952) million, ¥(964) million and ¥(809) million on the credit derivatives economically managing the credit risk of loans during the fiscal years ended March 31, 2024, 2025 and 2026, respectively.

- Definition

Tabular disclosure of credit derivatives which includes information by sellers of credit derivatives, about each credit derivative, or each group of similar credit derivatives, including (a) the nature of the credit derivative - its term, how it arose, the events or circumstances that would require the seller to perform under the credit derivative, and the current status of the payment/performance risk of the credit derivative; (b) the maximum potential amount of future payments (undiscounted) the seller could be required to make under the credit derivative; (c) the current fair value of the credit derivative; and (d) the nature of any recourse provisions under the credit derivative, and any assets held either as collateral or by third parties. A credit derivative is a derivative instrument (1) in which one or more of its underlyings are related to the credit risk of a specified entity (or a group of entities) or an index based on the credit risk of a group of entities and (2) that exposes the seller to potential loss from credit-risk-related events specified in the contract. Examples of credit derivatives within the scope of this paragraph include, but are not limited to, credit default swaps, credit spread options, and credit index products; also includes a hybrid instrument that has an embedded credit derivative (for example, but not limited to, a credit-linked note).

+ References + Details