v3.26.1
Fair value (Tables)
 12 Months Ended
Mar. 31, 2026
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis, Including Fair Value Option Elected
Assets and liabilities measured at fair value on a recurring basis at March 31, 2025 and 2026, including those for which the MHFG Group has elected the fair value option, are summarized below:
 
2025
   
Level 1
     
Level 2
     
Level 3
     
Assets/

Liabilities

measured

at fair value
  
    
(in billions of yen)
  
Assets:
            
Trading securities
(1)
:
            
Japanese government bonds
      2,111        16        —         2,126  
Japanese local government bonds
      —         98        —         98  
U.S. Treasury bonds and federal agency securities
      4,274        1,034        —         5,308  
Other foreign government bonds
      975        728        —         1,703  
Agency mortgage-backed securities
      —         5,494        —         5,494  
Certificates of deposit and commercial paper
      —         956        —         956  
Corporate bonds and other
(2)
      6        2,851        174        3,030  
Equity securities
      2,735        133        21        2,888  
Trading securities measured at net asset value
(3)
               103  
Derivative financial instruments:
            
Interest rate contracts
      25        10,801        4        10,830  
Foreign exchange contracts
      —         4,526        8        4,534  
Equity-related contracts
      83        175        4        261  
Credit-related contracts
      —         242        3        245  
Other contracts
      6        10        5        21  
Available-for-sale
securities:
            
Japanese government bonds
      7,938        424        —         8,362  
Japanese local government bonds
      —         548        —         548  
U.S. Treasury bonds and federal agency securities
      128        —         —         128  
Other foreign government bonds
      1,150        1,441        —         2,591  
Agency mortgage-backed securities
      —         316        —         316  
Residential mortgage-backed securities
      —         15        6        21  
Commercial mortgage-backed securities
      —         851        3        854  
Japanese corporate bonds and other debt securities
      —         1,252        186        1,438  
Foreign corporate bonds and other debt securities
      —         788        13        801  
Equity securities:
            
Equity securities with readily determinable fair values
      3,034        545        —         3,578  
Equity securities measured at net asset value
(3)
               339  
Other investments
      2        —         86        88  
Other assets
(4)
      34        82        37        154  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total assets measured at fair value on a recurring basis
      22,499        33,325        550        56,816  
  
 
 
     
 
 
     
 
 
     
 
 
  
Liabilities:
            
Trading securities sold, not yet purchased
      3,320        1,621        —         4,941  
Derivative financial instruments:
            
Interest rate contracts
      18        10,885        6        10,910  
Foreign exchange contracts
      —         4,811        2        4,813  
Equity-related contracts
      71        165        77        313  
Credit-related contracts
      —         205        5        210  
Other contracts
      9        9        3        21  
Other short-term borrowings
(5)
      —         244        —         244  
Long-term debt
(5)
      —         3,276        489        3,764  
Other liabilities
      5        82        37        125  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total liabilities measured at fair value on a recurring basis
      3,424        21,298        619        25,341  
  
 
 
     
 
 
     
 
 
     
 
 
  
 
2026
   
Level 1
     
Level 2
     
Level 3
     
Assets/

Liabilities

measured

at fair value
  
    
(in billions of yen)
  
Assets:
            
Trading securities
(1)
:
            
Japanese government bonds
      3,106        27        —         3,134  
Japanese local government bonds
      —         122        —         122  
U.S. Treasury bonds and federal agency securities
      4,658        1,789        —         6,447  
Other foreign government bonds
      1,159        890        —         2,049  
Agency mortgage-backed securities
      —         4,695        —         4,695  
Certificates of deposit and commercial paper
      —         1,103        —         1,103  
Corporate bonds and other
(2)
      1        3,207        177        3,384  
Equity securities
      3,694        159        21        3,873  
Trading securities measured at net asset value
(3)
               108  
Derivative financial instruments:
            
Interest rate contracts
      38        16,390        11        16,440  
Foreign exchange contracts
      —         6,719        6        6,725  
Equity-related contracts
      130        210        14        355  
Credit-related contracts
      —         202        4        206  
Other contracts
      31        18        8        57  
Available-for-sale
securities:
            
Japanese government bonds
      14,205        720        —         14,925  
Japanese local government bonds
      —         150        —         150  
U.S. Treasury bonds and federal agency securities
      138        —         —         138  
Other foreign government bonds
      1,804        1,760        —         3,564  
Agency mortgage-backed securities
      —         282        —         282  
Residential mortgage-backed securities
      —         —         12        12  
Commercial mortgage-backed securities
      —         914        —         914  
Japanese corporate bonds and other debt securities
      —         694        228        923  
Foreign corporate bonds and other debt securities
      —         942        —         942  
Equity securities:
            
Equity securities with readily determinable fair values
      3,459        1,086        —         4,545  
Equity securities measured at net asset value
(3)
               479  
Other investments
      1        —         89        90  
Other assets
      2        36        40        77  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total assets measured at fair value on a recurring basis
      32,425        42,115        610        75,737  
  
 
 
     
 
 
     
 
 
     
 
 
  
Liabilities:
            
Trading securities sold, not yet purchased
      3,297        1,300        —         4,597  
Derivative financial instruments:
            
Interest rate contracts
      39        16,838        15        16,892  
Foreign exchange contracts
      —         6,563        3        6,566  
Equity-related contracts
      185        194        171        550  
Credit-related contracts
      —         131        3        134  
Other contracts
      22        33        8        63  
Other short-term borrowings
(5)
      —         107        —         107  
Long-term debt
(5)
      —         4,124        569        4,693  
Other liabilities
      2        36        40        77  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total liabilities measured at fair value on a recurring basis
      3,546        29,325        808        33,679  
  
 
 
     
 
 
     
 
 
     
 
 
  
 
 
Notes:
(1)
Trading securities include foreign currency denominated securities for which the MHFG Group elected the fair value option.
(2)
The amount includes CLO and convertible bonds, which are classified in Level 3.
(3)
In accordance with ASC 820, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented for these classes of assets are intended to permit the reconciliation of the fair value hierarchy to the amounts presented in the statements of financial position. The amounts of unfunded commitments related to these investments at March 31, 2025 and 2026 were ¥58 billion and ¥190 billion, respectively.
(4)
The amount includes highly liquid government bonds classified as held for sale relating to a transferred business, which are classified in Level 1.
(5)
Amounts represent items for which the Group elected the fair value option or for which it applied the practicability exception. 
Reconciliation for All Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3)
The following table presents a reconciliation for all assets and liabilities measured at fair value on a recurring basis
using
significant unobservable inputs (Level 3) for the fiscal years ended March 31, 2025 and 2026:
 
2025
  
April 1,

2024
    
Gains

(losses) in

Earnings
    
Gains

(losses)

in OCI
    
Transfers

into

Level 3
    
Transfers

out of

Level 3
    
Purchases
    
Sales
    
Issuances
    
Settle-

ments
    
March 31,

2025
    
Change in

unrealized

gains

(losses)

still held
(6)
  
                                                                   
   
(in billions of yen)
  
Assets:
                      
Trading securities:
                      
Corporate bonds and other
     189       3
(2)
 		     —        —        —        47       (61 )      —        (5 )      174       2  
Equity securities
     21       1
(2)
 		     —        —        —        —        —        —        (1 )      21       1  
Derivative financial instruments, net
(1)
:
                      
Interest rate contracts.
     13       (13 )
(2)
 		     —        —        —        —        —        —        (2 )      (2 )      (13 ) 
Foreign exchange contracts
     (9 )      11
(2)
 		     —        —        —        —        —        —        4       6       12  
Equity-related contracts
     (70 )      (11 )
(2)
 		     —        —        —        —        —        —        8       (73 )      (10 ) 
Credit-related contracts
     (5 )      — 
(2)
 		     —        —        —        —        —        —        3       (2 )      (1 ) 
Other contracts
     —        2
(2)
 		     —        —        —        —        —        —        —        1       2  
Available-for-sale
securities:
                      
Residential mortgage-
backed securities
     8       — 
(3)
 		     — 
(4)
 		     —        —        —        —        —        (1 )      6       —   
Commercial mortgage-backed securities
     4       — 
(3)
 		     — 
(4)
 		     —        (1 )      —        —        —        —        3       —   
Japanese corporate bonds and other debt securities
     167       — 
(3)
 		     (10 )
(4)
 		     —        —        35       —        —        (7 )      186       (9 ) 
Foreign corporate bonds and other debt securities
     23       — 
(3)
 		     — 
(4)
 		     —        (10 )      —        —        —        —        13       —   
Other investments
     80       — 
(3)
 		     —        —        (2 )      55       (1 )      —        (46 )      86       (2 ) 
Other assets
     —        —        —        —        —        37       —        —        —        37       —   
Liabilities:
                      
Long-term debt
     427       22
(5)
 		     6
(4)
 		     7       —        —        —        250       (168 )      489       30  
Other liabilities
     —        —        —        —        —        —        —        37       —        37       —   
 
 
2026
  
April 1,

2025
    
Gains

(losses) in

Earnings
    
Gains

(losses)

in OCI
    
Transfers

into

Level 3
    
Transfers

out of

Level 3
    
Purchases
    
Sales
    
Issuances
    
Settle-

ments
    
March 31,

2026
    
Change in

unrealized

gains

(losses)

still held
(6)
  
                                                                   
   
(in billions of yen)
  
Assets:
                      
Trading securities:
                      
Corporate bonds and other
     174       19
(2)
 		     —        20       —        225       (160 )      —        (102 )      177       34  
Equity securities
     21       — 
(2)
 		     —        —        —        —        —        —        —        21       —   
Derivative financial instruments, net
(1)
:
                      
Interest rate contracts.
     (2 )      (2 )
(2)
 		     —        6       —        —        —        —        (6 )      (4 )      (6 ) 
Foreign exchange contracts
     6       (7 )
(2)
 		     —        —        —        —        —        —        4       3       (1 ) 
Equity-related contracts
     (73 )      (113 )
(2)
 		     —        —        —        —        —        —        29       (156 )      (44 ) 
Credit-related contracts
     (2 )      (1 )
(2)
 		     —        —        —        —        —        —        4       1       5  
Other contracts
     1       (4 )
(2)
 		     —        —        (1 )      —        —        —        2       (1 )      (1 ) 
Available-for-sale
securities:
                      
Residential mortgage- backed securities
     6       (1 )
(3)
 		     — 
(4)
 		     —        —        11       (3 )      —        (1 )      12       —   
Commercial mortgage-backed securities
     3       —  
(3)
 		     — 
(4)
 		     —        (3 )      —        —        —        —        —        —   
Japanese corporate bonds and other debt securities
     186       —  
(3)
 		     (6 )
(4)
 		     —        —        61       —        —        (13 )      228       (6 ) 
Foreign corporate bonds and other debt securities
     13       —  
(3)
 		     — 
(4)
 		     —        —        —        —        —        (13 )      —        —   
Other investments
     86       (1 )
(3)
 		     —        —        —        60       —        —        (55 )      89       1  
Other assets
     37       —        —        —        —        3       —        —        —        40       —   
Liabilities:
                      
Long-term debt
     489       (2 )
(5)
 		     (6 )
(4)
 		     41       (5 )      —        —        281       (244 )      569       7  
Other liabilities
       37         —          —          —          —          —          —          3         —          40         —   
 
Notes:
(1)
Total Level 3 derivative exposures have been netted on the table for presentation purposes only.
(2)
Gains (losses) in Earnings are reported in Trading account gains (losses)—net, Foreign exchange gains (losses)—net or Other noninterest income (expenses).
(3)
Gains (losses) in Earnings are reported in Investment gains (losses)—net.
(4)
Gains (losses) in OCI are reported in Other comprehensive income (loss).
(5)
Gains (losses) in Earnings are reported in Other noninterest income (expenses).
(6)
Amounts represent total gains or losses recognized in earnings and other comprehensive income (loss) during the period. These gains or losses were attributable to the change in fair value relating to assets and liabilities classified as Level 3 that were still held at March 31, 2025 and 2026. The amounts of unrealized gains (losses) in other comprehensive income (loss) are related to
Available-for-sale
securities and Long-term debt, which were ¥(10) billion and ¥6 billion, respectively, at March 31, 2025, and ¥(6) billion and ¥(6) billion, respectively, at March 31, 2026.
Quantitative Information about Significant Unobservable Inputs Related to Material Classes of Level 3 Assets and Liabilities
The following table presents information about significant unobservable inputs related to the MHFG Group’s material classes of Level 3 assets and liabilities at March 31, 2025 and 2026:
 
2025
                        
Products/Instruments
  
Fair value
    
Principal valuation technique
  
Unobservable inputs
  
Range of input values
  
Average
(4)
  
(in billions of yen, except for percentages and basis points)
  
Trading securities
and Available-for-sale
securities:
          
Residential mortgage-backed securities
     6     Discounted cash flow   Prepayment rate   0.4%–5.8%     3.6%  
    Price-based   Recovery rate   100.0%–100.0%     100.0%  
      Discount margin   30.0bps–52.0bps     39.8bps  
 
  
 
 
    
 
  
 
  
 
  
 
 
  
Commercial mortgage-backed securities
     3    
Discounted cash flow
Price-based
   Discount margin   173.3bps–180.6bps     178.8bps  
 
  
 
 
    
 
  
 
  
 
  
 
 
  
Corporate bonds and other debt securities
     373     Discounted cash flow   Prepayment rate
(1)
   2.9%–2.9%     2.9%  
    Price-based   Default rate
(1)
   0.3%–0.3%     0.3%  
      Recovery rate
(1)
   36.5%–36.5%     36.5%  
      Discount margin
(1)
   58.1bps–58.1bps     58.1bps  
      Discount margin
(2)
   47.0bps–47.0bps     47.0bps  
 
  
 
 
    
 
  
 
  
 
  
 
 
  
Derivative financial instruments, net:
          
Interest rate contracts
     (2 )    Internal valuation model
(3)
   IR – IR correlation   23.2%–100.0%     71.4%  
 
  
 
 
    
 
  
 
  
 
  
 
 
  
Foreign exchange contracts
 
     6     Internal valuation model
(3)
   FX – IR correlation   13.8%–72.5%     29.9%  
 
 
 
    
 
  
 
  
 
  
 
 
  
Equity-related contracts
     (73 )    Internal valuation model
(3)
   Equity – IR correlation   25.0%–25.0%     25.0%  
      Equity volatility   12.7%–175.2%     51.0%  
 
  
 
 
    
 
  
 
  
 
  
 
 
  
Credit-related contracts
     (2 )    Internal valuation model
(3)
   Default rate   0.0%–6.5%     1.4%  
 
  
 
 
    
 
  
 
  
 
  
 
 
  
Other contracts
     1     Internal valuation model
(3)
   Commodity volatility   17.1%–27.7%     18.1%  
 
  
 
 
    
 
  
 
  
 
  
 
 
  
Long-term debt
     489     Internal valuation model
(3)
   IR – IR correlation   23.2%–100.0%     71.4%  
      FX – IR correlation   5.5%–59.2%     29.9%  
      Equity –  IR correlation   25.0%–25.0%     25.0%  
      Equity –  FX correlation   -5.4%–93.3%     0.0%  
      Equity correlation   39.9%–100.0%     87.3%  
      Equity volatility   10.3%–97.0%     29.7%  
      Default rate   0.0%–6.8%     1.3%  
      Credit correlation   22.8%–100.0%     57.5%  
 
                             
2026
 
           
Products/Instruments
 
Fair value
 
 
Principal valuation technique
 
Unobservable inputs
 
Range of input values
 
Average
(4)
 
(in billions of yen, except for percentages and basis points)
 
Trading securities and
Available-for-sale
securities:
 
      
 
  
 
  
 
  
 
      
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Corporate bonds and other debt securities
 
 
405
 
 
Discounted cash flow
 
Discount margin
(1)
 
30.5bps–30.5bps
 
 
30.5bps
 
 
      
 
Price-based
 
  
 
  
 
      
 
      
 
  
 
Discount
margin
(2)
 
67.9bps–86.3bps
 
 
71.1bps
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative financial instruments, net:
 
      
 
  
 
  
 
  
 
      
Interest rate contracts
 
 
(4
) 
 
Internal valuation model
(3)
 
IR – IR
correlation
 
23.2%–100.0%
 
 
72.4%
 
 
 
      
 
  
 
IR volatility
 
0.3%–1.4%
 
 
0.8%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign exchange contracts
 
 
3
 
 
Internal valuation model
(3)
 
FX – IR correlation
 
-6.2%–72.5%
 
 
14.9%
 
 
      
 
  
 
IR – IR correlation
 
66.5%–66.5%
 
 
66.5%
 
 
 
      
 
  
 
FX volatility
 
9.0%–11.5%
 
 
9.7%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity-related contracts
 
 
(156
) 
 
Internal valuation model
(3)
 
Equity – IR correlation
 
25.0%–25.0%
 
 
25.0%
 
 
      
 
  
 
Equity correlation
 
80.2%–100.0%
 
 
93.4%
 
 
 
      
 
  
 
Equity volatility
 
12.3%–491.1%
 
 
52.4%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Credit-related contracts
 
 
1
 
 
Internal valuation model
(3)
 
Default rate
 
0.0%–2.2%
 
 
0.4%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other contracts
 
 
(1
) 
 
Internal valuation model
(3)
 
Commodity volatility
 
0.0%–165.0%
 
 
40.7%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Long-term debt
 
 
569
 
 
Internal valuation model
(3)
 
IR – IR correlation
 
64.0%–66.5%
 
 
65.3%
 
 
 
      
 
  
 
IR volatility
 
0.3%–1.4%
 
 
0.8%
 
 
 
      
 
  
 
FX – IR correlation
 
-6.2%–63.2%
 
 
14.9%
 
 
 
      
 
  
 
FX volatility
 
9.0%–11.5%
 
 
9.7%
 
 
 
      
 
  
 
Equity – IR correlation
 
25.0%–25.0%
 
 
25.0%
 
 
 
      
 
  
 
Equity – FX correlation
 
-3.4%–92.4%
 
 
0.0%
 
 
 
      
 
  
 
Equity correlation
 
45.1%–100.0%
 
 
87.3%
 
 
 
      
 
  
 
Equity volatility
 
10.3%–75.1%
 
 
35.8%
 
 
 
      
 
  
 
Default rate
 
0.0%–6.5%
 
 
0.7%
 
 
 
      
 
  
 
Credit correlation
 
26.4%–100.0%
 
 
59.2%
 
 
Notes:
(1)
These inputs are mainly used for determining the fair values of securitization products such as CDO, CLO and ABS, other than RMBS and CMBS.
(2)
This input is mainly used for determining the fair values of Japanese corporate bonds.
(3)
Internal valuation model includes discounted cash flow models and the Black-Scholes option pricing model.
(4)
Averages are calculated by weighting each input by the relative fair value of the respective financial instruments except for derivative related inputs where medians are used.
(5)
The range of inputs for equity securities is not disclosed, as there is a dispersion of values given the number of positions.
IR
= Interest rate
FX
= Foreign exchange
Summary of Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis The following table shows the fair value hierarchy for these items as of March 31, 2025 and 2026:
 
2025
  
Total
    
Level 1
    
Level 2
    
Level 3
    
Aggregate cost
  
                               
   
(in billions of yen)
  
Assets:
          
Loans
     84       —        —        84       345  
Loans
held-for-sale
     54       —        48       5       57  
Equity securities (without readily determinable fair values)
     10       —        1       9       23  
Other investments
     68       66       —        2       106  
Premises and equipment—net
     —        —        —        —        2  
Other assets
     3       —        —        3       10  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total assets measured at fair value on a nonrecurring basis
     219       66       49       104       543  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
2026
  
Total
    
Level 1
    
Level 2
    
Level 3
    
Aggregate cost
  
                               
   
(in billions of yen)
  
Assets:
          
Loans
     116       —        —        116       172  
Loans
held-for-sale
     70       —        47       23       92  
Equity securities (without readily determinable fair values)
     5       —        2       3       9  
Premises and equipment—net
     2       —        —        2       3  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total assets measured at fair value on a nonrecurring basis
     193       —        49       144       276  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
Note:
The fair values may not be current as of the dates indicated, but rather as of the date the fair value change occurred. Accordingly, the carrying values may not equal current fair value.    
Carrying Amounts and Fair Values of Certain Financial Instruments, Excluding Financial Instruments Carried at Fair Value on a Recurring Basis and Those outside Scope of ASC 825
The following table shows the carrying amounts and fair values at March 31, 2025 and 2026, of certain financial instruments, excluding financial instruments which are carried at fair value on a recurring basis and those outside the scope of ASC 825 such as equity method investments as defined in ASC 323, “Investments-Equity Method and Joint Ventures” (“ASC 323”) and lease contracts as defined in ASC 842, “Leases” (“ASC 842”):
 
    
2025
  
    
Carrying

amount
     
Estimated fair value
  
    
Total
     
Level 1
     
Level 2
     
Level 3
  
                                    
    
(in billions of yen)
  
Financial assets:
               
Cash and due from banks, interest-bearing deposits in other banks, call loans and funds sold, and receivables under resale agreements and securities borrowing transactions
      104,399        104,399        71,405        32,994        —   
Investments
      4,186        4,027        400        3,628        —   
Loans, net of allowance
(Note)
      98,275        99,450        —         —         99,450  
Financial liabilities:
               
Noninterest-bearing deposits, call money and funds purchased, and payables under repurchase agreements and securities lending transactions
      77,163        77,163        —         77,163        —   
Interest-bearing deposits
      139,443        139,338        —         139,338        —   
Due to trust accounts
      303        303        —         303        —   
Other short-term borrowings
      5,293        5,293        —         5,293        —   
Long-term debt
      11,119        10,900        —         9,378        1,521  
    
2026
  
    
Carrying

amount
     
Estimated fair value
  
    
Total
     
Level 1
     
Level 2
     
Level 3
  
                                    
    
(in billions of yen)
  
Financial assets:
               
Cash and due from banks, interest-bearing deposits in other banks, call loans and funds sold, and receivables under resale agreements and securities borrowing transactions
      95,986        95,986        60,583        35,403        —   
Investments
      4,852        4,711        393        4,318        —   
Loans, net of allowance
(Note)
      104,910        105,804        —         —         105,804  
Financial liabilities:
               
Noninterest-bearing deposits, call money and funds purchased, and payables under repurchase agreements and securities lending transactions
      77,433        77,433        —         77,433        —   
Interest-bearing deposits
      144,596        144,400        —         144,400        —   
Due to trust accounts
      302        302        —         302        —   
Other short-term borrowings
      2,816        2,816        —         2,816        —   
Long-term debt
      16,119        15,873        —         14,236        1,637  
 
Note:
Loans, net of allowance include items measured at fair value on a nonrecurring basis.