
At March 31, 2023:	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
	(in millions)
Available-for-sale debt securities:
Japanese national government and Japanese government agency bonds	¥	26,153,862	¥	16,510	¥	123,769	¥	26,046,603
Japanese prefectural and municipal bonds	2,773,750		2,063		15,872		2,759,941
Foreign government and official institution bonds	3,029,042		2,072		108,372		2,922,742
Corporate bonds	1,051,347		9,791		2,977		1,058,161
Residential mortgage-backed securities	1,110,126		569		441		1,110,254
Asset-backed securities	1,418,563		16,116		4,364		1,430,315
Other debt securities	417,755		1,873		6,842		412,786
Total	¥	35,954,445	¥	48,994	¥	262,637	¥	35,740,802
Held-to-maturity debt securities:
Japanese national government and Japanese government agency bonds	¥	13,860,457	¥	32,927	¥	19,789	¥	13,873,595
Japanese prefectural and municipal bonds	1,144,825		2,473		7,808		1,139,490
Corporate bonds	46,730		213		3		46,940
Residential mortgage-backed securities	3,913,346		13,606		105,754		3,821,198
Asset-backed securities	2,554,723		19		49,809		2,504,933
Total	¥	21,520,081	¥	49,238	¥	183,163	¥	21,386,156


At March 31, 2024:	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
	(in millions)
Available-for-sale debt securities:
Japanese national government and Japanese government agency bonds	¥	23,287,730	¥	5,768	¥	126,098	¥	23,167,400
Japanese prefectural and municipal bonds	1,055,564		227		9,800		1,045,991
Foreign government and official institution bonds	3,407,036		4,653		132,406		3,279,283
Corporate bonds	1,015,312		10,550		4,271		1,021,591
Residential mortgage-backed securities	1,229,615		255		345		1,229,525
Asset-backed securities	1,239,772		9,251		1,877		1,247,146
Other debt securities	408,467		3,419		7,450		404,436
Total	¥	31,643,496	¥	34,123	¥	282,247	¥	31,395,372
Held-to-maturity debt securities:
Japanese national government and Japanese government agency bonds	¥	15,191,741	¥	4,745	¥	97,603	¥	15,098,883
Japanese prefectural and municipal bonds	1,999,182		2,048		16,328		1,984,902
Corporate bonds	119,490		93		179		119,404
Residential mortgage-backed securities	4,952,083		3,153		179,537		4,775,699
Asset-backed securities	2,581,466		3,681		6,521		2,578,626
Total	¥	24,843,962	¥	13,720	¥	300,168	¥	24,557,514

The amortized cost and fair values of Held-to-maturity debt securities and the fair values of Available-for-sale debt securities at March 31, 2024 by contractual maturity are shown below. Expected maturities may be shorter than contractual maturities because issuers of debt securities may have the right to call or prepay obligations with or without penalties. Debt securities not due at a single maturity date and securities embedded with call or prepayment options, such as mortgage-backed securities, are included in the table below based on their contractual maturities.


	Held-to-maturity debt securities				Available-for-sale debt securities
	Amortized cost		Fair value		Fair value
	(in millions)
Due in one year or less	¥	3,540,173	¥	3,541,664	¥	21,034,934
Due from one year to five years	8,493,590		8,461,176		5,841,097
Due from five years to ten years	6,917,839		6,838,185		1,682,434
Due after ten years	5,892,360		5,716,489		2,836,907
Total	¥	24,843,962	¥	24,557,514	¥	31,395,372

For the fiscal years ended March 31, 2022, 2023 and 2024, gross realized gains on sales of Available-for-sale debt securities were ¥85,525 million, ¥107,238 million and ¥124,557 million, respectively, and gross realized losses on sales of Available-for-sale debt securities were ¥36,698 million, ¥169,686 million and ¥274,042 million, respectively.

For the fiscal years ended March 31, 2022 and 2023, impairment losses on Available-for-sale debt securities of ¥47,281 million and ¥359,330 million were included in Investment securities gains (losses)—net in the accompanying consolidated statements of operations. These were mainly the impairment losses on the Available-for-sale debt securities held by MUFG Union Bank, which were reclassified as held for sale, and then sold on December 1, 2022.

For the fiscal year ended March 31, 2024, impairment losses on Available-for-sale debt securities, which mainly comprised of corporate bonds, were included in Investment securities gains (losses)—net in the accompanying consolidated statements of operations and were not material.

For the fiscal years ended March 31, 2022, 2023 and 2024, the MUFG Group’s Held-to-maturity debt securities were guaranteed by Japanese or U.S. government entities or agencies and had a long history of no credit losses or were rated investment grade. Based on the analysis performed, the MUFG Group has the intent and ability to hold these securities to maturity. Therefore, no credit losses were expected on these securities and no impairment loss has been recorded.

The following tables show the gross unrealized losses and fair value of Available-for-sale debt securities at March 31, 2023 and 2024 by length of time that individual securities in each category have been in a continuous loss position:


	Less than 12 months				12 months or more				Total
At March 31, 2023:	Fair value		Gross unrealized losses		Fair value		Gross unrealized losses		Fair value		Gross unrealized losses		Number of securities
	(in millions, except number of securities)
Available-for-sale debt securities:
Japanese national government and Japanese government agency bonds	¥	7,644,337	¥	8,066	¥	2,105,210	¥	115,703	¥	9,749,547	¥	123,769	438
Japanese prefectural and municipal bonds	962,234		1,781		711,896		14,091		1,674,130		15,872		723
Foreign government and official institution bonds	858,970		18,677		1,436,798		89,695		2,295,768		108,372		118
Corporate bonds	331,411		1,800		249,088		1,177		580,499		2,977		256
Residential mortgage-backed securities	166,778		5		522,774		436		689,552		441		15
Asset-backed securities	310,388		4,170		39,806		194		350,194		4,364		32
Other debt securities	48,804		1,266		47,886		5,576		96,690		6,842		28
Total	¥	10,322,922	¥	35,765	¥	5,113,458	¥	226,872	¥	15,436,380	¥	262,637	1,610


	Less than 12 months				12 months or more				Total
At March 31, 2024:	Fair value		Gross unrealized losses		Fair value		Gross unrealized losses		Fair value		Gross unrealized losses		Number of securities
	(in millions, except number of securities)
Available-for-sale debt securities:
Japanese national government and Japanese government agency bonds	¥	18,640,364	¥	9,427	¥	1,756,792	¥	116,671	¥	20,397,156	¥	126,098	440
Japanese prefectural and municipal bonds	416,047		1,502		520,133		8,298		936,180		9,800		574
Foreign government and official institution bonds	402,021		9,723		1,895,194		122,683		2,297,215		132,406		97
Corporate bonds	178,960		535		439,771		3,736		618,731		4,271		324
Residential mortgage-backed securities	185,197		14		343,621		331		528,818		345		14
Asset-backed securities	23,810		9		160,109		1,868		183,919		1,877		17
Other debt securities	202,787		54		64,908		7,396		267,695		7,450		56
Total	¥	20,049,186	¥	21,264	¥	5,180,528	¥	260,983	¥	25,229,714	¥	282,247	1,522

As of March 31, 2024, unrealized losses associated with these securities were deemed to be attributable to changes in market interest rates rather than a deterioration in the creditworthiness of the underlying obligor. Based on a consideration of factors, including cash flow analysis, the MUFG Group expects to recover the entire amortized cost basis of these securities. Accordingly, no credit loss was identified as of March 31, 2024 and no impairment loss has been recorded.

As of March 31, 2024, unrealized losses associated with corporate bonds were primarily related to private placement bonds issued by Japanese non-public companies. The credit loss component recognized in earnings is identified as the amount of principal cash flows not expected to be received over the remaining terms of the bonds as estimated using the MUFG Group’s cash flow projections. The key assumptions include probability of default based on credit ratings of the bond issuers and loss given default.

As of March 31, 2024, unrealized losses on these securities were primarily driven by securities guaranteed by a U.S. government agency or a government-sponsored agency which are collateralized by residential mortgage loans. Unrealized losses mainly resulted from changes in interest rates and not from changes in credit quality. The MUFG Group determined through analysis that no credit loss was identified on such securities as of March 31, 2024 because the strength of the issuers’ guarantees through direct obligations or support from the U.S. government is expected to be sufficient to recover the entire amortized cost basis of these securities.

As of March 31, 2024, unrealized losses on these securities were primarily driven by certain CLOs, highly illiquid securities for which fair values are difficult to determine. Unrealized losses arise from widening credit spreads, deterioration of the credit quality of the underlying collateral, uncertainty regarding the valuation of such securities and the market’s view of the performance of the fund managers. When the fair value of a security is lower than its amortized cost or when any security is subject to a deterioration in credit rating, the MUFG Group undertakes a cash flow analysis of the underlying collateral to estimate the credit loss and confirms the intent and ability to hold these securities until recovery. Based on the analysis performed, no credit loss was identified as of March 31, 2024 and no impairment loss has been recorded.


	Fiscal years ended March 31,
	2022		2023		2024
	(in millions)
Net gains (losses) recognized during the period(1)	¥	(125,271)	¥	104,023	¥	1,527,173
Less:
Net gains (losses) recognized during the period on equity securities sold during the period	(38,042)		18,313		114,436
Net unrealized gains (losses) recognized during the reporting period still held at the reporting date	¥	(87,229)	¥	85,710	¥	1,412,737

The following table presents the carrying value of nonmarketable equity securities that are measured at cost minus impairment, if any, plus or minus changes resulting from observable price changes (“measurement alternative”), held at March 31, 2023 and 2024:


	Fiscal years ended March 31,
	2022		2023		2024
	(in millions)
Measurement alternative impairment losses(1)(4)	¥	(4,299)	¥	(8,230)	¥	(11,943)
Measurement alternative downward changes for observable prices(1)(2)(3)(5)	¥	—	¥	(440)	¥	(1,567)
Measurement alternative upward changes for observable prices(1)(2)(3)(6)	¥	3,067	¥	5,090	¥	882

(2)Under the measurement alternative, nonmarketable equity securities are carried at cost plus or minus changes resulting from observable prices in orderly transactions for the identical or a similar investment of the same issuer.

(3)The MUFG Group applied measurement alternative downward or upward changes to certain nonmarketable equity securities, resulting from observable prices in orderly transactions, such as partial repurchase and transactions by other entities.