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Financial instruments

12 Months Ended

Mar. 31, 2024

5.	Financial instruments

(1)	Financial instruments by measurement method

The carrying amount of Sony’s assets and liabilities by measurement method as of March 31, 2023 and 2024 are as follows:


	Yen in millions
	March 31
	2023 Restated		2024
Assets:
Financial assets required to be measured at amortized cost (“AC”)
Investments and advances in the Financial Services segment
Debt securities		337,374		396,481
Housing loans in the banking business		3,129,393		3,574,468
Other loans		17,854		16,892
Trade and other receivables *
Trade receivables		1,754,034		2,140,220
Other receivables		2,712		5,971
Other financial assets
Time deposit		36,671		48,416
Security deposit		95,813		107,316
Non-current other receivables in the Pictures segment		152,619		155,525
Other		19,582		47,849
Financial assets required to be measured at fair value through profit or loss (“FVPL”)
Investments and advances in the Financial Services segment
Debt securities		1,059,718		1,295,877
Equity securities		2,123,062		3,210,296
Other financial assets
Debt securities		20,905		22,388
Equity securities		125,590		258,939
Derivative assets		70,144		72,423
Financial assets designated to be measured at FVPL
Investments and advances in the Financial Services segment
Debt securities		1,486,566		1,243,109
Financial assets required to be measured at fair value through other comprehensive income (“FVOCI”)
Investments and advances in the Financial Services segment
Debt securities		10,406,699		9,593,519
Other financial assets
Debt securities		125		140
Financial assets designated to be measured at FVOCI
Investments and advances in the Financial Services segment
Equity securities		5,453		7,305
Other financial assets
Equity securities		421,845		309,710

Total assets		21,266,159		22,506,844

Current assets		2,196,054		2,669,709
Non-current assets		19,070,105		19,837,135

*	The amounts of trade and other receivables exclude contract assets within trade and other receivables, and contract assets in the consolidated statements of financial position.

Cash and cash equivalents are excluded from the table above. Refer to Note 27.


	Yen in millions
	March 31
	2023 Restated		2024
Liabilities:
Financial liabilities required to be measured at AC
Short-term borrowings		1,914,934		1,812,605
Current portion of long-term debt		187,942		217,711
Trade and other payables
Trade payables		1,701,706		1,803,920
Other payables		162,475		221,542
Deposits from customers in the banking business *1		3,306,981		3,845,607
Long-term debt		1,767,696		2,058,117
Deferred consideration *2		87,937		107,368
Investment contract liabilities		55,779		60,392
Other financial liabilities		61,128		65,790
Financial liabilities required to be measured at FVPL
Other financial liabilities
Derivative liabilities		34,123		29,287
Contingent consideration		51,512		50,343
Financial liabilities designated to be measured at FVPL
Other financial liabilities
Redeemable noncontrolling interests		47,326		54,028

Total liabilities		9,379,539		10,326,710

Current liabilities		7,240,263		7,881,832
Non-current liabilities		2,139,276		2,444,878

*1	Deposits from customers in the banking business include the non-current portion that is recorded within other financial liabilities in the consolidated statements of financial position.

*2	Deferred consideration is recorded within other financial liabilities or trade and other payables in the consolidated statements of financial position.

(2)	Financial instruments measured at fair value on a recurring basis

The following section describes the valuation techniques used by Sony to measure different financial instruments at fair value, including an indication of the level in the fair value hierarchy in which each instrument is generally classified.

Debt instruments and equity instruments

Where quoted prices of financial instruments are available in an active market, these instruments are classified in Level 1 of the fair value hierarchy. Level 1 financial instruments include exchange-traded equity instruments. If quoted market prices are not available for the specific financial instruments or the market is inactive, then fair values are estimated by using pricing models, quoted prices of financial instruments with similar characteristics or discounted cash flow method and mainly classified in Level 2 of the fair value hierarchy. Level 2 financial instruments include debt instruments with quoted prices that are not traded as actively as exchange-traded instruments, such as the majority of government bonds and corporate bonds. In certain cases where there is limited activity or less transparency around inputs to the valuation, these instruments are classified within Level 3 of the fair value hierarchy. Level 3 financial instruments primarily include certain private equity investments, investment funds, securitized products which are not classified within Level 1 or Level 2 and domestic and foreign corporate bonds for which quoted prices are not available in a market and where there is less transparency around inputs. Sony estimates the fair value for private equity investments primarily by using comparable company analysis and discounted cash flow method. The price book-value ratio and price earnings ratio of comparable companies, as well as cost of capital and EBITDA multiples for the terminal value used in discounted cash flow method, are primarily used as significant unobservable inputs in the

fair value measurement of equity securities classified as Level 3. The fair value increases (decreases) as the price book-value ratio and price earnings ratio of comparable companies rise (decline). In addition, the fair value increases (decreases), as the cost of capital declines (rises) and EBITDA multiples rise (decline), both of which are used in discounted cash flow method. Sony estimates the fair value for certain investment funds by using the net asset value. Sony estimates the fair value for securitized products and domestic and foreign corporate bonds for which quoted prices are not available in a market and where there is less transparency around inputs by using third-party information such as indicative quotes from dealers without adjustment or discounted cash flow method. For validating the fair values of Level 3 financial instruments, Sony primarily uses internal models which include management judgment or estimation of assumptions that market participants would use in pricing the asset.

Derivatives

Exchange-traded derivatives valued using quoted prices are classified within Level 1 of the fair value hierarchy. However, few classes of derivative contracts are listed on an exchange; thus, the majority of Sony’s derivative positions are valued using internally developed models that use as their basis readily observable market parameters, meaning parameters that are actively quoted and can be validated to external sources, including pricing services. Depending on the types and contractual terms of derivatives, fair value can be modeled using a series of techniques, such as the Black-Scholes option pricing model, which are consistently applied. For derivative products that have been established for some time, Sony uses models that are widely accepted in the financial services industry. These models reflect the contractual terms of the derivatives, including the period to maturity, and market-based parameters such as interest rates, volatility, and the credit rating of the counterparty. Further, many of these models do not contain a high level of subjectivity as the techniques used in the models do not require significant judgment, and inputs to the model are readily observable from actively quoted markets. Such instruments are generally classified within Level 2 of the fair value hierarchy.

In determining the fair value of Sony’s interest rate swap derivatives, Sony uses the present value of expected cash flows based on market observable interest rate yield curves commensurate with the term of each instrument. For foreign currency derivatives, Sony’s approach is to use forward contract valuation models employing market observable inputs, such as spot currency rates and time value. These derivatives are classified within Level 2 since Sony primarily uses observable inputs in its valuation of its derivative assets and liabilities.

The fair value of Sony’s assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2023 and 2024 is as follows:


	Yen in millions
	March 31, 2023 Restated
									Presentation in the consolidated statements of financial position
	Level 1		Level 2		Level 3		Total		Investments and advances in the Financial Services segment (Current)		Other financial assets (Current)		Investments and advances in the Financial Services segment (Non-current)		Other financial assets (Non-current)
Assets:
Financial assets required to be measured at FVPL
Debt securities
Japanese national government bonds		—		422,739		—		422,739		—		—		422,739		—
Japanese local government bonds		—		600		—		600		—		—		600		—
Japanese corporate bonds		—		16,872		38		16,910		—		—		16,872		38
Foreign government bonds		30,100		173,393		—		203,493		—		—		203,493		—
Foreign corporate bonds		—		5,515		3,377		8,892		—		—		5,515		3,377
Investment funds		—		367,193		60,796		427,989		—		—		410,499		17,490
Equity securities		2,236,646		5,217		6,789		2,248,652		—		—		2,123,062		125,590
Derivative assets
Interest rate contracts		—		43,844		—		43,844		—		438		—		43,406
Foreign exchange contracts		—		21,318		—		21,318		—		19,978		—		1,340
Equity contracts		290		—		4,692		4,982		—		4,982		—		—
Financial assets designated to be measured at FVPL
Debt securities
Japanese national government bonds		—		1,285,920		—		1,285,920		1,001		—		1,284,919		—
Japanese local government bonds		—		16,038		—		16,038		2,010		—		14,028		—
Japanese corporate bonds		—		3,315		—		3,315		—		—		3,315		—
Foreign government bonds		—		35,895		—		35,895		—		—		35,895		—
Foreign corporate bonds		—		141,857		3,541		145,398		21,227		—		124,171		—
Financial assets required to be measured at FVOCI
Debt securities
Japanese national government bonds		—		7,901,817		—		7,901,817		—		—		7,901,817		—
Japanese local government bonds		—		45,458		—		45,458		1,369		—		44,089		—
Japanese corporate bonds		—		739,541		171,622		911,163		7,016		—		904,147		—
Foreign government bonds		—		1,145,709		—		1,145,709		—		—		1,145,584		125
Foreign corporate bonds		—		307,717		24,672		332,389		46,367		—		286,022		—
Securitized products		—		29,697		40,591		70,288		—		—		70,288		—
Financial assets designated to be measured at FVOCI
Equity securities		103,270		—		324,028		427,298		—		—		5,453		421,845

Total assets		2,370,306		12,709,655		640,146		15,720,107		78,990		25,398		15,002,508		613,211


									Presentation in the consolidated statements of financial position
	Level 1		Level 2		Level 3		Total		Other financial liabilities (Current)		Other financial liabilities (Non-current)
Liabilities:
Financial liabilities required to be measured at FVPL
Derivative liabilities
Interest rate contracts		—		5,656		—		5,656		427		5,229
Foreign exchange contracts		—		19,876		—		19,876		18,679		1,197
Equity contracts		3,321		5,270		—		8,591		8,591		—
Contingent consideration		—		—		51,512		51,512		14,790		36,722
Financial liabilities designated to be measured at FVPL
Redeemable noncontrolling interests		—		—		47,326		47,326		—		47,326

Total liabilities		3,321		30,802		98,838		132,961		42,487		90,474


	Yen in millions
	March 31, 2024
									Presentation in the consolidated statements of financial position
	Level 1		Level 2		Level 3		Total		Investments and advances in the Financial Services segment (Current)		Other financial assets (Current)		Investments and advances in the Financial Services segment (Non-current)		Other financial assets (Non-current)
Assets:
Financial assets required to be measured at FVPL
Debt securities
Japanese national government bonds		—		423,129		—		423,129		—		—		423,129		—
Japanese local government bonds		—		1,846		—		1,846		—		—		1,846		—
Japanese corporate bonds		—		27,296		20		27,316		—		—		27,296		20
Foreign government bonds		39,363		192,325		—		231,688		—		—		231,688		—
Foreign corporate bonds		—		11,981		2,933		14,914		—		—		11,981		2,933
Investment funds		—		552,017		67,355		619,372		—		—		599,937		19,435
Equity securities		3,451,655		8,146		9,434		3,469,235		—		—		3,210,296		258,939
Derivative assets
Interest rate contracts		—		49,619		—		49,619		—		1,009		—		48,610
Foreign exchange contracts		—		20,425		—		20,425		—		18,774		—		1,651
Equity contracts		—		—		2,379		2,379		—		2,379		—		—
Financial assets designated to be measured at FVPL
Debt securities
Japanese national government bonds		—		1,021,309		—		1,021,309		4,302		—		1,017,007		—
Japanese local government bonds		—		13,945		—		13,945		5,310		—		8,635		—
Japanese corporate bonds		—		3,302		—		3,302		3,302		—		—		—
Foreign government bonds		—		39,472		—		39,472		7,390		—		32,082		—
Foreign corporate bonds		—		159,158		5,923		165,081		49,578		—		115,503		—
Financial assets required to be measured at FVOCI
Debt securities
Japanese national government bonds		—		7,057,395		—		7,057,395		300		—		7,057,095		—
Japanese local government bonds		—		48,712		—		48,712		550		—		48,162		—
Japanese corporate bonds		—		743,804		138,848		882,652		11,414		—		871,238		—
Foreign government bonds		—		1,221,208		—		1,221,208		—		—		1,221,068		140
Foreign corporate bonds		—		266,362		34,757		301,119		28,363		—		272,756		—
Securitized products		—		60,565		22,008		82,573		—		—		82,573		—
Financial assets designated to be measured at FVOCI
Equity securities		67,834		—		249,181		317,015		—		—		7,305		309,710

Total assets		3,558,852		11,922,016		532,838		16,013,706		110,509		22,162		15,239,597		641,438


									Presentation in the consolidated statements of financial position
	Level 1		Level 2		Level 3		Total		Other financial liabilities (Current)		Other financial liabilities (Non-current)
Liabilities:
Financial liabilities required to be measured at FVPL
Derivative liabilities
Interest rate contracts		—		6,450		—		6,450		406		6,044
Foreign exchange contracts		—		17,493		—		17,493		16,297		1,196
Equity contracts		3,428		1,916		—		5,344		5,344		—
Contingent consideration		—		—		50,343		50,343		26,193		24,150
Financial liabilities designated to be measured at FVPL
Redeemable noncontrolling interests		—		—		54,028		54,028		—		54,028

Total liabilities		3,428		25,859		104,371		133,658		48,240		85,418

Cash and cash equivalents are excluded from the tables above. Refer to Note 27.

Transfers of debt securities from Level 2 to Level 1 were 2,704 million yen and 2,384 million yen for the fiscal years ended March 31, 2023 and 2024, respectively, as quoted prices in active markets for certain debt securities became available. Transfers of debt securities from Level 1 to Level 2 were 1,982 million yen and 847 million yen for the fiscal years ended March 31, 2023 and 2024, respectively, as quoted prices in active markets for certain debt securities became unavailable.

Transfers of equity securities from Level 2 to Level 1 were 24,958 million yen for the fiscal year ended March 31, 2023, as quoted prices in active markets for certain equity securities became available. There were no transfers of equity securities from Level 2 to Level 1 for the fiscal year ended March 31, 2024.

The valuation techniques used to measure the fair value of assets and liabilities classified as Level 3, significant unobservable inputs, and their range are as follows:

Valuation

technique(s)

Significant

unobservable

inputs

Range

March 31, 2023

March 31, 2024

Financial assets required to be measured at FVOCI

Debt securities

Japanese corporate bonds

Discounted cash
flow

Credit spread

34bp-63bp

27bp-72bp

Foreign corporate bonds

10bp

—

Securitized products

150bp-190bp

90bp-170bp

*	bp = basis point

The decrease (increase) in fair value is the result of rise (decline) of credit spreads.

For the above assets classified as Level 3, the fair value would not change significantly, if one or more of the significant unobservable inputs were changed to reflect reasonably possible alternative assumptions.

The changes in fair value of Level 3 assets and liabilities for the fiscal years ended March 31, 2023 and 2024 are as follows:


	Yen in millions
	Fiscal year ended March 31, 2023
			Total gains (losses) *1
	Beginning balance		Net income *2			Other comprehensive income *3			Purchases		Sales and settlements			Transfers to Level 3 *4		Transfers out of Level 3 *5			Other			Ending balance
Assets:
Financial assets required to be measured at FVPL
Debt securities
Japanese corporate bonds		18		—			—			20		—			—		—			—			38
Foreign corporate bonds		117		(14	)		—			3,434		(70	)		—		—			(90	)		3,377
Securitized products		3,713		—			—			—		(3,713	)		—		—			—			—
Investment funds		48,520		(2,541	)		395			17,254		(2,832	)		—		—			—			60,796
Equity securities		3,217		(413	)		—			4,021		(36)			—		—			—			6,789
Derivative assets
Equity contracts		4,024		(393	)		356			705		—			—		—			—			4,692
Financial assets designated to be measured at FVPL
Debt securities
Foreign corporate bonds		3,625		(84	)		—			—		—			—		—			—			3,541
Financial assets required to be measured at FVOCI
Debt securities
Japanese corporate bonds		154,245		6			(30,203	)		47,574		—			—		—			—			171,622
Foreign corporate bonds		20,837		598			—			24,362		(21,125	)		—		—			—			24,672
Securitized products		39,859		(389	)		6			13,575		(15,048	)		6,712		(4,124	)		—			40,591
Financial assets designated to be measured at FVOCI
Equity securities		205,509		—			(24,913	)		143,611		(126	)		146		(600	)		401			324,028
Liabilities:
Financial liabilities required to be measured at FVPL
Contingent consideration		21,552		(475	)		1,240			43,455		(13,951	)		—		—			(309	)		51,512
Financial liabilities designated to be measured at FVPL
Redeemable noncontrolling interests		34,995		(1,410	)		2,877			13,670		(2,802	)		—		—			(4	)		47,326


	Yen in millions
	Fiscal year ended March 31, 2024
			Total gains (losses) *1
	Beginning balance		Net income *2			Other comprehensive income *3			Purchases		Sales and settlements			Transfers to Level 3		Transfers out of Level 3 *5			Other			Ending balance
Assets:
Financial assets required to be measured at FVPL
Debt securities
Japanese corporate bonds		38		—			—			20		(18	)		—		—			(20	)		20
Foreign corporate bonds		3,377		171			—			317		—			—		—			(932	)		2,933
Investment funds		60,796		3,781			736			8,677		(6,635	)		—		—			—			67,355
Equity securities		6,789		595			1			1,951		(152	)		—		—			250			9,434
Derivative assets
Equity contracts		4,692		(2,816	)		503			—		—			—		—			—			2,379
Financial assets designated to be measured at FVPL
Debt securities
Foreign corporate bonds		3,541		642			—			1,740		—			—		—			—			5,923
Financial assets required to be measured at FVOCI
Debt securities
Japanese corporate bonds		171,622		8			(32,782	)		—		—			—		—			—			138,848
Foreign corporate bonds		24,672		1,315			255			29,150		(19,148	)		—		(1,487	)		—			34,757
Securitized products		40,591		1,434			35			12,793		(24,437	)		—		(8,408	)		—			22,008
Financial assets designated to be measured at FVOCI
Equity securities		324,028		—			(6,987	)		6,342		(73,874	)		—		(1,175	)		847			249,181
Liabilities:
Financial liabilities required to be measured at FVPL
Contingent consideration		51,512		182			6,614			4,363		(12,328	)		—		—			—			50,343
Financial liabilities designated to be measured at FVPL
Redeemable noncontrolling interests		47,326		(3,396	)		5,345			5,294		(541	)		—		—			—			54,028

*1	For liability items, gains are presented as negative and losses are presented as positive.

*2	Gains (losses) recognized in net income are included in financial services revenue, other operating (income) expense, net, financial income and financial expenses in the consolidated statements of income.

Gains (losses) recognized in other comprehensive income are included in changes in equity instruments measured at fair value through other comprehensive income, changes in debt instruments measured at fair value through other comprehensive income and exchange differences on translating foreign operations in the consolidated statements of comprehensive income.

*4	Certain financial assets were transferred to Level 3 because the observability of the inputs used decreased.

*5	Certain financial assets were transferred from Level 3 because observable market data became available.

The changes in unrealized gains (losses) recognized in net income for Level 3 assets and liabilities held as of March 31, 2023 and 2024 are as follows:


	Yen in millions
	Fiscal year ended March 31
	2023			2024
Assets:
Financial assets required to be measured at FVPL
Debt securities
Foreign corporate bonds		(14	)		171
Investment funds		(2,420	)		3,887
Equity securities		(413	)		495
Derivative assets
Equity contracts		(393	)		(2,816	)
Financial assets designated to be measured at FVPL
Debt securities
Foreign corporate bonds		(84	)		646
Financial assets required to be measured at FVOCI
Debt securities
Japanese corporate bonds		6			8
Foreign corporate bonds		598			1,315
Securitized products		(389	)		1,461
Liabilities:
Financial liabilities required to be measured at FVPL
Contingent consideration		(2,683	)		(1,488	)
Financial liabilities designated to be measured at FVPL
Redeemable noncontrolling interests		1,410			3,270

Gains (losses) recognized in net income are included in financial services revenue, other operating (income) expense, net, financial income and financial expenses in the consolidated statements of income.

Sony generally elects to designate investments in equity instruments held to promote its businesses and to maintain and enhance the business relationship as financial assets measured at fair value through other comprehensive income based on the purposes of holding the investments.

Equity instruments measured at fair value through other comprehensive income as of March 31, 2023 and 2024 comprise the following:


	Yen in millions
	March 31
	2023		2024
Marketable equity instruments		103,270		67,834
Non-marketable equity instruments		324,028		249,181

Total		427,298		317,015

Significant marketable equity instruments measured at fair value through other comprehensive income as of March 31, 2023 and 2024 are as follows:


	Yen in millions
	March 31
	2023		2024
Bilibili Inc.		54,214		29,410
ANYCOLOR Inc.		10,061		8,568
KADOKAWA Corporation		8,017		7,545
Toei Animation Co., Ltd.		10,407		—

The balances of the

non-marketable

instruments measured at fair value through other comprehensive income by major sector categories as of March 31, 2023 and 2024 are as follows:


	Yen in millions
	March 31
	2023		2024
Entertainment *1		259,214		187,294
Manufacturing *2		35,182		34,610
Information technology, Communication and Service *3		27,136		24,348

*1	Major investments included Epic Games, Inc. and Scopely, Inc. as of March 31, 2023.

Major investments included Epic Games, Inc. as of March 31, 2024.

*2	Major investments included Nichia Corporation.

*3	Major investments included Semiconductor Energy Laboratory Co., Ltd.

In order to enhance the efficiency of using assets held effectively, Sony derecognizes equity instruments measured at fair value through other comprehensive income upon the sale of the investment. Information relating to investments derecognized during the fiscal years ended March 31, 2023 and 2024 is as follows:


	Yen in millions
	Fiscal year ended March 31
	2023			2024
Fair value at derecognition		625			86,265
Cumulative amount recognized in other comprehensive income, net of tax *		(298	)		12,326
Dividend received		8			122

*	The cumulative amount recognized in other comprehensive income, net of tax, was transferred to retained earnings upon derecognition of the equity instruments.

(3)	Financial instruments measured at amortized cost

The fair values by fair value hierarchy level of certain financial instruments that are measured at amortized cost as of March 31, 2023 and 2024 are summarized as follows:


	Yen in millions
	March 31, 2023 Restated
	Fair value								Carrying amount
	Level 1		Level 2		Level 3		Total		Total
Assets:
Debt securities
Foreign corporate bonds		—		4,814		—		4,814		4,796
Securitized products		—		—		324,153		324,153		331,354
Other		—		41		1,173		1,214		1,224
Housing loans in the banking business		—		—		3,184,060		3,184,060		3,129,393

Total assets		—		4,855		3,509,386		3,514,241		3,466,767

Liabilities:
Long-term debt including the current portion		—		1,343,077		67,844		1,410,921		1,423,392
Investment contract liabilities		—		55,523		—		55,523		55,779

Total liabilities		—		1,398,600		67,844		1,466,444		1,479,171


	Yen in millions
	March 31, 2024
	Fair value								Carrying amount
	Level 1		Level 2		Level 3		Total		Total
Assets:
Debt securities
Japanese corporate bonds		—		9,957		—		9,957		9,950
Foreign corporate bonds		—		3,413		—		3,413		3,386
Securitized products		—		—		378,389		378,389		378,736
Other		—		41		4,368		4,409		4,409
Housing loans in the banking business		—		—		3,634,011		3,634,011		3,574,468

Total assets		—		13,411		4,016,768		4,030,179		3,970,949

Liabilities:
Long-term debt including the current portion		—		1,606,340		78,935		1,685,275		1,704,102
Investment contract liabilities		—		59,578		—		59,578		60,392

Total liabilities		—		1,665,918		78,935		1,744,853		1,764,494

The table above does not include financial instruments measured at amortized cost whose carrying amounts approximate their fair values mainly due to their short-term nature.

The fair values of long-term debt, including the current portion classified as Level 2, were estimated mainly based on discounted future cash flows using Sony’s current rates for similar liabilities.

The fair values of investment contract liabilities classified as Level 2 were determined by using the present value of expected cash flows based on risk-free interest rate yield curves adjusted for items such as credit risk.

Financial instruments classified as Level 3 mainly include housing loans in the banking business, securitized products and certain bonds issued by Sony. In determining the fair value of such financial instruments, Sony uses the present value of expected cash flows based on risk-free interest rate yield curves adjusted for items such as credit risk.

(4)	Income and expenses related to financial instruments in the Financial Services segment

Income and expenses related to financial instruments in the Financial Services segment are recorded in other financial services revenue and other financial services expenses in the consolidated statements of income. Income and expenses related to financial instruments in all segments other than Financial Services segment are recorded in financial income and financial expenses in the consolidated statements of income. Refer to Note 24 for the details of financial income and financial expenses.

The breakdown of income and expenses related to financial instruments in the Financial Services segment for the fiscal years ended March 31, 2022, 2023 and 2024 is as follows:


	Yen in millions
	March 31, 2022
	Financial instruments required to be measured at FVPL		Financial instruments designated to be measured at FVPL			Financial assets measured at AC		Financial liabilities measured at AC			Debt instruments measured at FVOCI		Equity instruments measured at FVOCI		Total
Income*
Net gains (losses) recognized in profit or loss		225,922		(6,673	)		14,765		(49,110	)		148,813		—		333,717
Total interest income		—		—			32,839		—			180,006		—		212,845
Dividend income		—		—			—		—			—		85		85
Expenses
Total interest expenses		—		—			—		3,838			—		—		3,838
Impairment losses (gains) on financial assets		—		—			19		—			24		—		43


	Yen in millions
	March 31, 2023 Restated
	Financial instruments required to be measured at FVPL		Financial instruments designated to be measured at FVPL			Financial assets measured at AC		Financial liabilities measured at AC			Debt instruments measured at FVOCI		Equity instruments measured at FVOCI		Total
Income*
Net gains (losses) recognized in profit or loss		56,150		(109,480	)		14,242		(58,484	)		141,189		—		43,617
Total interest income		—		—			38,787		—			184,519		—		223,306
Dividend income		—		—			—		—			—		195		195
Expenses
Total interest expenses		—		—			—		29,867			—		—		29,867
Impairment losses (gains) on financial assets		—		—			144		—			8		—		152


	Yen in millions
	March 31, 2024
	Financial instruments required to be measured at FVPL		Financial instruments designated to be measured at FVPL			Financial assets measured at AC			Financial liabilities measured at AC			Debt instruments measured at FVOCI			Equity instruments measured at FVOCI		Total
Income*
Net gains (losses) recognized in profit or loss		857,653		(120,317	)		5,279			(105,974	)		257,902			—		894,543
Total interest income		—		—			52,060			—			191,209			—		243,269
Dividend income		—		—			—			—			—			459		459
Expenses
Total interest expenses		—		—			—			72,488			—			—		72,488
Impairment losses (gains) on financial assets		—		—			(42	)		—			(3	)		—		(45	)

*	Income includes investment returns which occurred in the insurance business. Refer to Note 13.