Fair Value (Tables)

12 Months Ended

Mar. 31, 2026

Assets and Liabilities Measured at Fair Value by Level on Recurring Basis

The following tables present the financial instruments carried at fair value by level within the fair value hierarchy as of March 31, 2025 and 2026:


At March 31, 2025	Level 1		Level 2		Level 3		Fair Value
	(in millions)
Assets
Trading account assets:
Trading securities(1)	¥	20,407,859	¥	15,222,947	¥	2,746,696	¥	38,377,502
Debt securities
Japanese national government and Japanese government agency bonds	6,140,726		754,529		—		6,895,255
Japanese prefectural and municipal bonds	—		288,472		—		288,472
Foreign government and official institution bonds	11,602,182		774,775		—		12,376,957
Corporate bonds	4,755		2,717,719		175,464		2,897,938
Residential mortgage-backed securities	—		7,313,220		—		7,313,220
Asset-backed securities	—		1,279,679		1,816,507		3,096,186
Other debt securities	—		61,578		612,102		673,680
Commercial paper	—		1,224,538		—		1,224,538
Equity securities(2)	2,660,196		808,437		142,623		3,611,256
Trading derivative assets	58,729		20,597,301		77,897		20,733,927
Interest rate contracts	12,565		14,860,818		22,298		14,895,681
Foreign exchange contracts	1,416		5,592,040		27,345		5,620,801
Equity contracts	44,748		94,288		6,961		145,997
Commodity contracts	—		293		19,892		20,185
Credit derivatives	—		49,861		757		50,618
Other(8)	—		1		644		645
Trading loans(3)	—		28,447		—		28,447
Investment securities:
Available-for-sale debt securities	23,867,794		6,347,624		197,750		30,413,168
Japanese national government and Japanese government agency bonds	21,152,903		930,954		—		22,083,857
Japanese prefectural and municipal bonds	—		309,998		—		309,998
Foreign government and official institution bonds	2,714,891		1,363,578		—		4,078,469
Corporate bonds	—		898,304		5,579		903,883
Residential mortgage-backed securities	—		1,122,236		15		1,122,251
Asset-backed securities	—		1,269,867		142,284		1,412,151
Other debt securities	—		452,687		49,872		502,559
Equity securities	3,779,986		52,002		100,762		3,932,750
Marketable equity securities(9)	3,779,986		52,002		—		3,831,988
Nonmarketable equity securities(4)	—		—		100,762		100,762
Other(5)	973,130		1,757,936		8,100		2,739,166
Total	¥	49,087,498	¥	44,006,257	¥	3,131,205	¥	96,224,960


At March 31, 2025	Level 1		Level 2		Level 3		Fair Value
	(in millions)
Liabilities
Trading account liabilities:
Trading securities sold, not yet purchased	¥	389,643	¥	2,462	¥	—	¥	392,105
Trading derivative liabilities	48,534		20,995,246		67,027		21,110,807
Interest rate contracts	28,532		15,998,172		44,232		16,070,936
Foreign exchange contracts	2,197		4,900,685		2,026		4,904,908
Equity contracts	17,805		43,467		358		61,630
Commodity contracts	—		1		19,926		19,927
Credit derivatives	—		52,921		430		53,351
Other(8)	—		—		55		55
Obligation to return securities received as collateral(6)	5,754,639		292,116		—		6,046,755
Other(7)	—		267,202		(49,328)		217,874
Total	¥	6,192,816	¥	21,557,026	¥	17,699	¥	27,767,541


At March 31, 2026	Level 1		Level 2		Level 3		Fair Value
	(in millions)
Assets
Trading account assets:
Trading securities(1)	¥	23,016,668	¥	18,618,405	¥	2,990,622	¥	44,625,695
Debt securities
Japanese national government and Japanese government agency bonds	6,934,540		506,060		—		7,440,600
Japanese prefectural and municipal bonds	—		289,034		—		289,034
Foreign government and official institution bonds	11,607,994		1,295,434		—		12,903,428
Corporate bonds	6,171		2,702,368		114,479		2,823,018
Residential mortgage-backed securities	—		10,515,437		—		10,515,437
Asset-backed securities	—		1,346,557		2,108,594		3,455,151
Other debt securities	—		57,986		614,248		672,234
Commercial paper	—		1,085,758		—		1,085,758
Equity securities(2)	4,467,963		819,771		153,301		5,441,035
Trading derivative assets	158,262		38,676,721		82,622		38,917,605
Interest rate contracts	81,059		31,975,609		25,461		32,082,129
Foreign exchange contracts	8,451		6,586,486		27,607		6,622,544
Equity contracts	68,752		70,564		8,598		147,914
Commodity contracts	—		680		20,302		20,982
Credit derivatives	—		43,380		421		43,801
Other(8)	—		2		233		235
Trading loans(3)	—		29,024		—		29,024
Investment securities:
Available-for-sale debt securities	16,264,022		6,161,695		208,624		22,634,341
Japanese national government and Japanese government agency bonds	13,317,045		599,498		—		13,916,543
Japanese prefectural and municipal bonds	—		166,451		—		166,451
Foreign government and official institution bonds	2,946,977		1,652,249		—		4,599,226
Corporate bonds	—		976,179		5,081		981,260
Residential mortgage-backed securities	—		1,017,007		15		1,017,022
Asset-backed securities	—		1,451,519		148,803		1,600,322
Other debt securities	—		298,792		54,725		353,517
Equity securities	4,178,047		71,940		143,460		4,393,447
Marketable equity securities(9)	4,178,047		71,940		—		4,249,987
Nonmarketable equity securities(4)	—		—		143,460		143,460
Other(5)	3,051,633		1,852,710		9,405		4,913,748
Total	¥	46,668,632	¥	65,410,495	¥	3,434,733	¥	115,513,860


At March 31, 2026	Level 1		Level 2		Level 3		Fair Value
	(in millions)
Liabilities
Trading account liabilities:
Trading securities sold, not yet purchased	¥	609,730	¥	1,047	¥	—	¥	610,777
Trading derivative liabilities	51,133		40,366,071		76,678		40,493,882
Interest rate contracts	17,435		33,693,313		52,967		33,763,715
Foreign exchange contracts	5,426		6,530,669		2,001		6,538,096
Equity contracts	28,272		71,415		968		100,655
Commodity contracts	—		—		20,303		20,303
Credit derivatives	—		70,674		338		71,012
Other(8)	—		—		101		101
Obligation to return securities received as collateral(6)	8,130,080		338,246		—		8,468,326
Other(7)	—		29,054		(89,163)		(60,109)
Total	¥	8,790,943	¥	40,734,418	¥	(12,485)	¥	49,512,876

Notes:

(1)Includes securities measured under the fair value option.

(2)Excludes certain investments valued at net asset value of private equity and other funds, whose fair values were ¥277,252 million and ¥349,587 million at March 31, 2025 and 2026, respectively. The amounts of unfunded commitments related to these private equity and other funds were ¥276,433 million and ¥405,058 million at March 31, 2025 and 2026, respectively.

(3)Includes loans measured under the fair value option.

(4)Excludes certain investments valued at net asset value of real estate funds and private equity and other funds, whose fair values at March 31, 2025 were ¥40,477 million and ¥56,334 million, respectively, and those at March 31, 2026 were ¥47,248 million and ¥84,795 million, respectively. The amounts of unfunded commitments related to these real estate funds and private equity and other funds at March 31, 2025 were nil and ¥13,650 million, respectively, and those at March 31, 2026 were nil and ¥1,775 million, respectively.

(5)Includes securities received as collateral that may be sold or repledged under securities lending transactions.

(6)Included in Other liabilities.

(7)Mainly includes other short-term borrowings, long-term debt, and bifurcated embedded derivatives carried at fair value.

(8)Includes certain derivatives such as earthquake derivatives.

(9)Includes equity securities subject to contractual sale restrictions, with a total fair value of ¥43,654 million and ¥69,713 million at March 31, 2025 and 2026, respectively. The contractual restriction of these securities is a lock-up agreement, a market standoff agreement, or the result of a provision within a separate agreement between certain shareholders, and the range of remaining duration of these restrictions were 0.0-3.0 years and 0.0-2.7 years at March 31, 2025 and 2026, respectively. The market standoff agreements expire when the share price changes to a certain extent, and other agreements do not have specific clauses for a lapse in the restriction.

Reconciliation of Assets and Liabilities Measured at Fair Value on Recurring Basis Using Level 3 Inputs

Accordingly, the gains and losses in the tables below include changes in fair value due in part to observable inputs used in the valuation techniques.


Fiscal year ended March 31, 2025:	March 31, 2024		Total gains (losses) for the period																			March 31, 2025		Change in unrealized gains (losses) for assets and liabilities still held at March 31, 2025
			Included in earnings			Included in other comprehensive income		Purchases		Issues		Sales		Settlements		Transfers into Level 3			Transfers out of Level 3
	(in millions)
Assets
Trading account assets:
Trading securities(1)	¥	2,041,954	¥	(5,968)	(2)	¥	(9,121)	¥	1,065,651	¥	—	¥	(27,371)	¥	(397,123)	¥	78,674		¥	—		¥	2,746,696	¥	(22,232)	(2)
Debt securities
Foreign government and official institution bonds	101		(1)			—		—		—		—		(100)		—			—			—		—
Corporate bonds	—		(812)			—		99,190		—		(1,374)		—		78,460		(5)	—			175,464		(773)
Asset-backed securities	1,352,755		(10,400)			(9,121)		853,526		—		(23,091)		(347,162)		—			—			1,816,507		(19,985)
Other debt securities	536,846		(1,034)			—		76,290		—		—		—		—			—			612,102		(1,034)
Equity securities	152,252		6,279			—		36,645		—		(2,906)		(49,861)		214			—			142,623		(440)
Trading derivatives—net	58,906		(5,605)		(2)	1,807		669		(312)		—		(23,328)		10,690			(31,957)			10,870		9,395		(2)
Interest rate contracts—net	39,486		(18,435)			(706)		—		—		—		(6,230)		(3,954)			(32,095)		(5)	(21,934)		(9,311)
Foreign exchange contracts—net	10,198		(244)			1,890		—		—		—		(1,505)		14,644		(5)	336			25,319		6,113
Equity contracts—net	8,258		13,373			627		—		—		—		(15,457)		—			(198)			6,603		12,892
Commodity contracts—net	(45)		30			(4)		—		—		—		(15)		—			—			(34)		32
Credit derivatives—net	660		(212)			—		—		—		—		(121)		—			—			327		(211)
Other—net(8)	349		(117)			—		669		(312)		—		—		—			—			589		(120)
Investment securities:
Available-for-sale debt securities	204,805		(12,852)		(3)	12,998		2,533		—		—		(9,872)		1,631			(1,493)			197,750		199		(3)
Corporate bonds	5,172		83			(67)		2,493		—		—		(2,240)		1,631			(1,493)			5,579		34
Residential mortgage-backed securities	15		—			—		—		—		—		—		—			—			15		—
Asset-backed securities	132,951		—			9,333		—		—		—		—		—			—			142,284		9,333
Other debt securities	66,667		(12,935)			3,732		40		—		—		(7,632)		—			—			49,872		(9,168)
Equity securities	87,814		4,842		(3)	447		14,898		—		(6,696)		—		1,608			(2,151)			100,762		1,944		(3)
Nonmarketable equity securities	87,814		4,842			447		14,898		—		(6,696)		—		1,608			(2,151)			100,762		1,944
Other	79,154		(246)		(7)	129		1,120		—		—		(72,057)		—			—			8,100		(117)		(7)
Total	¥	2,472,633	¥	(19,829)		¥	6,260	¥	1,084,871	¥	(312)	¥	(34,067)	¥	(502,380)	¥	92,603		¥	(35,601)		¥	3,064,178	¥	(10,811)
Liabilities
Obligation to return securities received as collateral	¥	71,399	¥	—		¥	—	¥	—	¥	—	¥	—	¥	(71,399)	¥	—		¥	—		¥	—	¥	—
Other	6,486		20,351		(4)	(2,062)		—		—		—		(30,998)		—			(6,527)		(6)	(49,328)		27,174		(4)
Total	¥	77,885	¥	20,351		¥	(2,062)	¥	—	¥	—	¥	—	¥	(102,397)	¥	—		¥	(6,527)		¥	(49,328)	¥	27,174


Fiscal year ended March 31, 2026:	March 31, 2025		Total gains (losses) for the period					Purchases		Issues		Sales		Settlements		Transfers into Level 3		Transfers out of Level 3			March 31, 2026		Change in unrealized gains (losses) for assets and liabilities still held at March 31, 2026
			Included in earnings			Included in other comprehensive income
	(in millions)
Assets
Trading account assets:
Trading securities(1)	¥	2,746,696	¥	161,058	(2)	¥	27,672	¥	1,021,739	¥	—	¥	(75,862)	¥	(818,214)	¥	15	¥	(72,482)		¥	2,990,622	¥	204,939	(2)
Debt securities
Corporate bonds	175,464		10,876			—		5,002		—		(4,381)		—		—		(72,482)		(5)	114,479		10,690
Asset-backed securities	1,816,507		103,284			27,672		996,075		—		(69,997)		(764,947)		—		—			2,108,594		145,676
Other debt securities	612,102		40,797			—		2,000		—		(1,283)		(39,368)		—		—			614,248		41,511
Equity securities	142,623		6,101			—		18,662		—		(201)		(13,899)		15		—			153,301		7,062
Trading derivatives—net	10,870		(798)		(2)	765		188		(330)		—		(9,617)		8,654		(3,788)			5,944		(2,630)		(2)
Interest rate contracts—net	(21,934)		(12,552)			(644)		—		—		—		831		1,479		5,314			(27,506)		(8,488)
Foreign exchange contracts—net	25,319		2,500			1,032		—		—		—		(1,584)		7,175		(8,836)			25,606		3,653
Equity contracts—net	6,603		9,678			377		5		—		—		(8,734)		—		(299)			7,630		2,640
Commodity contracts—net	(34)		15			—		—		—		—		(15)		—		33			(1)		—
Credit derivatives—net	327		(129)			—		—		—		—		(115)		—		—			83		(129)
Other—net(8)	589		(310)			—		183		(330)		—		—		—		—			132		(306)
Investment securities:
Available-for-sale debt securities	197,750		(178)		(3)	11,425		1,722		—		—		(57)		1,103		(3,141)			208,624		11,397		(3)
Corporate bonds	5,579		(215)			128		1,684		—		—		(57)		1,103		(3,141)			5,081		63
Residential mortgage-backed securities	15		—			—		—		—		—		—		—		—			15		—
Asset-backed securities	142,284		—			6,519		—		—		—		—		—		—			148,803		6,519
Other debt securities	49,872		37			4,778		38		—		—		—		—		—			54,725		4,815
Equity securities	100,762		(8,610)		(3)	3,764		61,126		—		(4,099)		—		1,836		(11,319)			143,460		(5,933)		(3)
Nonmarketable equity securities	100,762		(8,610)			3,764		61,126		—		(4,099)		—		1,836		(11,319)			143,460		(5,933)
Other	8,100		641		(7)	276		768		—		—		(380)		—		—			9,405		917		(7)
Total	¥	3,064,178	¥	152,113		¥	43,902	¥	1,085,543	¥	(330)	¥	(79,961)	¥	(828,268)	¥	11,608	¥	(90,730)		¥	3,358,055	¥	208,690
Liabilities
Other	¥	(49,328)	¥	37,213	(4)	¥	(656)	¥	—	¥	4,333	¥	—	¥	(7,731)	¥	(50)	¥	170		¥	(89,163)	¥	39,516	(4)
Total	¥	(49,328)	¥	37,213		¥	(656)	¥	—	¥	4,333	¥	—	¥	(7,731)	¥	(50)	¥	170		¥	(89,163)	¥	39,516

Notes:

(1)Includes Trading securities measured under the fair value option.

(2)Included in Trading account profits (losses)—net and Foreign exchange gains (losses)—net.

(3)Included in Investment securities gains (losses)—net and Other comprehensive income, net of tax.

(4)Included in Trading account profits (losses)—net, Other non-interest income and Other comprehensive income, net of tax.

(5)Transfers out of Level 3 for Interest rate contracts—net were mainly caused by changes in the impact of unobservable input to the entire fair value measurement. Unobservable inputs include loss given default. Transfers into (out of) Level 3 for Corporate bonds were mainly caused by the increased (decreased) impact of the Liquidity Premium on Fair Value. Transfers into Level 3 for Foreign exchange contracts—net were mainly caused by changes in the impact of unobservable　inputs to the fair value measurement.

(6)For the fiscal year ended March 31, 2025, transfers out of Level 3 for long-term debt in Other were mainly caused by the increase in the observability of the key inputs to the valuation models and a corresponding decrease in the significance of the unobservable inputs.

(7)Included in Other non-interest income.

(8)Includes certain derivatives such as earthquake derivatives.

Quantitative Information about Level 3 Fair Value Measurements

The following tables present information on the valuation techniques, significant unobservable inputs and their ranges for each major category of assets and liabilities measured at fair value on a recurring basis and classified in Level 3:


At March 31, 2025	Fair value(1)		Valuation technique	Significant unobservable inputs	Range	Weighted average(2)
	(in millions)
Assets
Trading securities and Investment securities :
Corporate bonds	¥	175,464	Discounted cash flow	Liquidity premium	0.0%～0.2%	0.1	%
Asset-backed securities	1,684,080		Internal model(4)	Asset correlations	2.0%	2.0	%
				Discount factor	1.2%~1.3%	1.3	%
				Prepayment rate	28.0%	28.0	%
				Probability of default	0.0%~99.0%	—		(3)
				Recovery rate	60.4%	60.4	%
Other debt securities	659,534		Discounted cash flow	Liquidity premium	1.6%~3.2%	2.4	%


At March 31, 2025	Fair value(1)		Valuation technique	Significant unobservable inputs	Range	Median(2)
	(in millions)
Trading derivatives—net:
Interest rate contracts—net	¥	(21,934)	Option model	Correlation between interest rates	30.0%~60.4%	44.0	%
				Correlation between interest rate and foreign exchange rate	5.7%~60.0%	34.3	%
				Recovery rate	80.0%~90.0%	85.0	%
				Volatility	65.3%~134.6%	73.5	%
Foreign exchange contracts—net	25,319		Option model	Correlation between interest rates	30.0%~70.0%	45.6	%
				Correlation between interest rate and foreign exchange rate	19.2%~60.0%	36.7	%
				Correlation between foreign exchange rates	50.0%~66.4%	58.2	%
				Recovery rate	80.0%~90.0%	85.0	%
				Volatility	10.7%~20.9%	14.3	%
Equity contracts—net	3,524		Option model	Correlation between foreign exchange rate and equity	6.0%~50.0%	10.0	%
				Correlation between equities	5.7%~95.0%	58.9	%
				Volatility	20.0%~35.5%	27.5	%

At March 31, 2026

Fair value(1)

Valuation technique

Significant unobservable inputs

Range

Weighted

average(2)

(in millions)

Assets

Trading securities and Investment securities:

Corporate bonds

107,198

Discounted cash flow

Liquidity premium

０.0%

Asset-backed securities

1,940,331

Internal model(4)

Asset correlations

2.0%

Discount factor

1.3%~1.4%

1.3%

Prepayment rate

20.7%

Probability of default

0.0%~92.5%

—

(3)

Recovery rate

59.4%

Other debt securities

667,093

Discounted cash flow

Liquidity premium

1.6%~3.2%

2.4%

At March 31, 2026

Fair value(1)

Valuation technique

Significant unobservable inputs

Range

Median(2)

(in millions)

Trading derivatives—net:

Interest rate contracts—net

(27,506)

Option model

Correlation between interest rates

34.1%~57.2%

55.4%

Correlation between interest rate and foreign exchange rate

15.4%~51.0%

25.1%

Volatility

0.7%~68.1%

56.8%

Foreign exchange contracts—net

25,606

Option model

Correlation between interest rates

46.7%~57.2%

51.9%

Correlation between interest rate and foreign exchange rate

19.2%~51.0%

29.6%

Equity contracts—net

7,630

Option model

Correlation between foreign exchange rate and equity

43.2%

Correlation between equities

12.0%~90.6%

46.1%

Volatility

20.1%~42.0%

29.0%

Notes:

(1)The fair value as of March 31, 2025 and 2026 excludes the fair value of investments valued using vendor prices.

(2)Weighted average is calculated by weighing each input by the relative fair value of the respective financial instruments for investment securities. Median is used for derivative instruments.

(3)See “Probability of default” in “Changes in and range of unobservable inputs.”

(4)For further detail of Internal model, refer to the last paragraph of “Trading Account Assets and Liabilities—Trading Account Securities.”

Carrying Value of Assets Measured at Fair Value on Nonrecurring Basis by Level

The following table presents the carrying value of assets measured at fair value on a nonrecurring basis by level within the fair value hierarchy as of March 31, 2025 and 2026:


	2025								2026
	Level 1		Level 2		Level 3		Total carrying value		Level 1		Level 2		Level 3		Total carrying value
	(in millions)
Assets
Investment securities(1)(2)	¥	—	¥	14,041	¥	49,830	¥	63,871	¥	—	¥	20,079	¥	21,227	¥	41,306
Loans	2,466		5,254		269,853		277,573		3,175		8,412		264,521		276,108
Loans held for sale	—		—		134,371		134,371		—		—		102,948		102,948
Collateral dependent loans	2,466		5,254		135,482		143,202		3,175		8,412		161,573		173,160
Premises and equipment	—		—		9,557		9,557		—		—		3,126		3,126
Intangible assets	—		—		5,449		5,449		—		—		3,062		3,062
Goodwill	—		—		161,758		161,758		—		—		242,644		242,644
Other assets	—		34,389		19,049		53,438		—		32,301		24,521		56,822
Investments in equity method investees(1)	—		27,745		2,057		29,802		—		26,039		2,191		28,230
Other	—		6,644		16,992		23,636		—		6,262		22,330		28,592
Total	¥	2,466	¥	53,684	¥	515,496	¥	571,646	¥	3,175	¥	60,792	¥	559,101	¥	623,068

Notes:

(1)Excludes certain investments valued at net asset value of ¥39,541 million and ¥41,152 million at March 31, 2025 and 2026, respectively. The unfunded commitments related to these investments are ¥34,847 million and ¥46,682 million at March 31, 2025 and 2026, respectively. These investments are in private equity funds.

(2)Includes certain nonmarketable equity securities that are measured at fair value on a nonrecurring basis, including impairment and observable price change for nonmarketable equity securities measured under the measurement alternative.

Losses (Gains) Recorded as a Result of Changes in Fair Value Measured on a Nonrecurring Basis

The following table presents losses recorded as a result of changes in the fair value of assets measured at fair value on a nonrecurring basis for the fiscal years ended March 31, 2025 and 2026:


	2025		2026
	(in millions)
Investment securities	¥	29,409	¥	10,411
Loans	23,210		56,678
Loans held for sale	6,903		4,075
Collateral dependent loans	16,307		52,603
Premises and equipment	14,490		3,290
Intangible assets	13,057		5,658
Goodwill	150,089		97,475
Other assets	27,351		28,743
Investments in equity method investees	8,177		6,306
Other	19,174		22,437
Total	¥	257,606	¥	202,255

Gains (Losses) Related to Instruments for which Fair Value Option was Elected

The following table presents the gains or losses recorded for the fiscal years ended March 31, 2024, 2025 and 2026 related to the eligible instruments for which the MUFG Group elected the fair value option:


	2024						2025						2026
	Trading account profits (losses)		Foreign exchange gains (losses)		Total changes in fair value		Trading account profits (losses)		Foreign exchange gains (losses)		Total changes in fair value		Trading account profits (losses)		Foreign exchange gains (losses)		Total changes in fair value
	(in millions)
Financial assets:
Trading account securities	¥	(173,290)	¥	2,176,389	¥	2,003,099	¥	1,636	¥	38,401	¥	40,037	¥	127,948	¥	1,931,494	¥	2,059,442
Total	¥	(173,290)	¥	2,176,389	¥	2,003,099	¥	1,636	¥	38,401	¥	40,037	¥	127,948	¥	1,931,494	¥	2,059,442
Financial liabilities:
Other short-term borrowings(1)	¥	3,690	¥	—	¥	3,690	¥	3,832	¥	—	¥	3,832	¥	1,332	¥	—	¥	1,332
Long-term debt(1)	(20,426)		—		(20,426)		10,120		—		10,120		3,686		—		3,686
Total	¥	(16,736)	¥	—	¥	(16,736)	¥	13,952	¥	—	¥	13,952	¥	5,018	¥	—	¥	5,018

Note:

(1)Changes in the value attributable to the instrument-specific credit risk related to those financial liabilities were not material.

Differences between Aggregate Fair Value and Aggregate Remaining Contractual Principal Balance Outstanding

The following table presents the differences between the aggregate fair value and the aggregate remaining contractual principal balance outstanding as of March 31, 2025 and 2026 for long-term debt instruments for which the fair value option has been elected:


	2025						2026
	Remaining aggregate contractual amounts outstanding		Fair value		Fair value over (under) remaining aggregate contractual amounts outstanding		Remaining aggregate contractual amounts outstanding		Fair value		Fair value over (under) remaining aggregate contractual amounts outstanding
	(in millions)
Financial liabilities:
Long-term debt	¥	156,302	¥	153,742	¥	(2,560)	¥	81,737	¥	79,698	¥	(2,039)
Total	¥	156,302	¥	153,742	¥	(2,560)	¥	81,737	¥	79,698	¥	(2,039)

Summary of Carrying Amounts and Estimated Fair Values of Financial Instruments Not Carried at Fair Value on a Recurring Basis on Consolidated Balance Sheets by Level

The following is a summary of carrying amounts and estimated fair values by level within the fair value hierarchy of financial instruments which are not carried at fair value on a recurring basis in the accompanying consolidated balance sheets as of March 31, 2025 and 2026:


	Carrying amount		Estimated fair value
At March 31, 2025			Total		Level 1		Level 2		Level 3
	(in billions)
Financial assets:
Cash and due from banks	¥	4,591	¥	4,591	¥	4,591	¥	—	¥	—
Interest-earning deposits in other banks	104,707		104,707		—		104,707		—
Call loans and funds sold	1,676		1,676		—		1,676		—
Receivables under resale agreements	18,782		18,782		—		18,782		—
Receivables under securities borrowing transactions	5,701		5,701		—		5,701		—
Investment securities	23,272		22,647		12,932		8,244		1,471
Loans, net of allowance for credit losses(1)	130,187		129,772		2		70		129,700
Other financial assets(2)	9,783		9,783		—		9,783		—
Financial liabilities:
Deposits
Non-interest-bearing	¥	36,820	¥	36,820	¥	—	¥	36,820	¥	—
Interest-bearing	212,633		212,643		—		212,643		—
Total deposits	249,453		249,463		—		249,463		—
Call money and funds purchased	5,017		5,017		—		5,017		—
Payables under repurchase agreements	43,664		43,664		—		43,664		—
Payables under securities lending transactions	718		718		—		718		—
Due to trust account and other short-term borrowings	28,229		28,229		—		28,229		—
Long-term debt	20,928		20,199		—		20,199		—
Other financial liabilities	9,038		9,038		—		9,038		—


	Carrying amount		Estimated fair value
At March 31, 2026			Total		Level 1		Level 2		Level 3
	(in billions)
Financial assets:
Cash and due from banks	¥	4,367	¥	4,367	¥	4,367	¥	—	¥	—
Interest-earning deposits in other banks	86,003		86,003		—		86,003		—
Call loans and funds sold	2,170		2,170		—		2,170		—
Receivables under resale agreements	16,885		16,885		—		16,885		—
Receivables under securities borrowing transactions	5,493		5,493		—		5,493		—
Investment securities	26,013		24,893		14,567		8,483		1,843
Loans, net of allowance for credit losses(1)	143,562		142,235		3		112		142,120
Other financial assets(2)	12,774		12,774		—		12,774		—
Financial liabilities:
Deposits
Non-interest-bearing	¥	35,860	¥	35,860	¥	—	¥	35,860	¥	—
Interest-bearing	224,956		224,788		—		224,788		—
Total deposits	260,816		260,648		—		260,648		—
Call money and funds purchased	5,257		5,257		—		5,257		—
Payables under repurchase agreements	39,516		39,516		—		39,516		—
Payables under securities lending transactions	1,252		1,252		—		1,252		—
Due to trust account and other short-term borrowings	14,633		14,633		—		14,633		—
Long-term debt	21,870		21,018		—		21,018		—
Other financial liabilities	9,595		9,595		—		9,595		—

Notes:

(1)Includes loans held for sale and collateral dependent loans measured at fair value on a nonrecurring basis. Refer to “Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis” for the details of the level classification.

(2)Excludes investments in equity method investees of ¥4,564 billion and ¥5,462 billion at March 31, 2025 and 2026, respectively.