
At March 31, 2025:	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	¥	22,314,148	¥	2,326	¥	232,617	¥	22,083,857
Japanese prefectural and municipal bonds	319,774		3		9,779		309,998
Foreign government and official institution bonds	4,149,418		11,679		82,628		4,078,469
Corporate bonds	905,194		10,213		11,524		903,883
Residential mortgage-backed securities	1,121,879		583		211		1,122,251
Asset-backed securities	1,405,859		7,491		1,199		1,412,151
Other debt securities	502,359		3,709		3,509		502,559
Total	¥	30,718,631	¥	36,004	¥	341,467	¥	30,413,168
Held-to-maturity debt securities:
Japanese national government and Japanese government agency bonds	¥	14,354,434	¥	4	¥	395,239	¥	13,959,199
Japanese prefectural and municipal bonds	2,545,627		—		93,141		2,452,486
Corporate bonds	214,949		—		3,602		211,347
Residential mortgage-backed securities	4,690,277		10,826		148,066		4,553,037
Asset-backed securities	1,466,898		4,447		421		1,470,924
Total	¥	23,272,185	¥	15,277	¥	640,469	¥	22,646,993


At September 30, 2025:	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	¥	17,310,018	¥	1,137	¥	281,488	¥	17,029,667
Japanese prefectural and municipal bonds	215,360		2		8,725		206,637
Foreign government and official institution bonds	4,203,012		24,194		56,235		4,170,971
Corporate bonds	897,787		10,218		11,396		896,609
Residential mortgage-backed securities	1,066,533		751		174		1,067,110
Asset-backed securities	1,391,937		9,741		1,637		1,400,041
Other debt securities	438,894		3,977		2,407		440,464
Total	¥	25,523,541	¥	50,020	¥	362,062	¥	25,211,499
Held-to-maturity debt securities:
Japanese national government and Japanese government agency bonds	¥	14,429,441	¥	—	¥	452,027	¥	13,977,414
Japanese prefectural and municipal bonds	2,700,544		—		101,255		2,599,289
Corporate bonds	239,104		—		3,764		235,340
Residential mortgage-backed securities	4,535,817		29,607		110,434		4,454,990
Asset-backed securities	1,940,426		6,674		1,125		1,945,975
Total	¥	23,845,332	¥	36,281	¥	668,605	¥	23,213,008

The amortized cost and fair values of Held-to-maturity debt securities and the fair values of Available-for-sale debt securities at September 30, 2025 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	¥	1,677,742	¥	1,670,627	¥	12,677,320
Due from one year to five years	7,438,053		7,286,660		5,636,464
Due from five years to ten years	8,035,027		7,679,672		4,848,036
Due after ten years	6,694,510		6,576,049		2,049,679
Total	¥	23,845,332	¥	23,213,008	¥	25,211,499

For the six months ended September 30, 2024 and 2025, gross realized gains on sales of Available-for-sale debt securities were ¥36,529 million and ¥23,557 million, respectively, and gross realized losses on sales of Available-for-sale debt securities were ¥33,773 million and ¥106,329 million, respectively.

For the six months ended September 30, 2024, impairment losses on Available-for-sale debt securities of ¥12,825 million, mainly comprised of other debt securities, were included in Investment securities gains (losses)—net in the accompanying condensed consolidated statements of income.

For the six months ended September 30, 2025, impairment losses on Available-for-sale debt securities, comprised of corporate bonds, were included in Investment securities gains (losses)—net in the accompanying condensed consolidated statements of income and were not material.

For the six months ended September 30, 2024 and 2025, 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, 2025 and September 30, 2025 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, 2025:	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	¥	19,809,049	¥	109,736	¥	1,160,183	¥	122,881	¥	20,969,232	¥	232,617	311
Japanese prefectural and municipal bonds	30,167		82		279,731		9,697		309,898		9,779		282
Foreign government and official institution bonds	710,517		9,198		1,584,560		73,430		2,295,077		82,628		104
Corporate bonds	206,591		3,069		413,226		8,455		619,817		11,524		483
Residential mortgage-backed securities	—		—		274,894		211		274,894		211		9
Asset-backed securities	244,037		1,193		1,252		6		245,289		1,199		25
Other debt securities	213,737		423		48,799		3,086		262,536		3,509		74
Total	¥	21,214,098	¥	123,701	¥	3,762,645	¥	217,766	¥	24,976,743	¥	341,467	1,288


	Less than 12 months				12 months or more				Total
At September 30, 2025:	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	¥12,542,279		¥	139,549	¥	1,112,831	¥	141,939	¥	13,655,110	¥	281,488	297
Japanese prefectural and municipal bonds	1,000		1		205,552		8,724		206,552		8,725		224
Foreign government and official institution bonds	401,453		998		1,393,032		55,237		1,794,485		56,235		78
Corporate bonds	160,628		1,675		426,738		9,721		587,366		11,396		440
Residential mortgage-backed securities	—		—		262,048		174		262,048		174		9
Asset-backed securities	173,572		1,637		38		—		173,610		1,637		20
Other debt securities	163,532		21		57,390		2,386		220,922		2,407		59
Total	¥	13,442,464	¥	143,881	¥	3,457,629	¥	218,181	¥	16,900,093	¥	362,062	1,127

As of September 30, 2025, 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 September 30, 2025 and no impairment loss has been recorded.

As of September 30, 2025, 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 September 30, 2025, unrealized losses associated with these securities were mainly resulting from changes in interest rates and not from changes in credit quality. 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 September 30, 2025 and no impairment loss had been recorded.

As of September 30, 2025, unrealized losses associated with these securities, other than highly illiquid securities for which fair values are difficult to determine, were mainly resulting from changes in interest rates and not from changes in credit quality. Based on a consideration of factors, including cash flow analysis, the MUFG Group expects to recover the entire amortized cost basis of these securities. For the highly illiquid securities, including certain collateralized loan obligations (“CLOs”), 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 September 30, 2025 and no impairment loss has been recorded.


	Six months ended September 30,
	2024		2025
	(in millions)
Net gains (losses) recognized during the period(1)	¥	(474,755)	¥	520,036
Less:
Net gains (losses) recognized during the period on equity securities sold during the period	(97,385)		20,281
Net unrealized gains (losses) recognized during the reporting period still held at the reporting date	¥	(377,370)	¥	499,755

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, 2025 and September 30, 2025.


	Six months ended September 30,
	2024		2025
	(in millions)
Measurement alternative impairment losses(1)(4)	¥	(14,782)	¥	(13,876)
Measurement alternative downward changes for observable prices(1)(2)(3)(5)	¥	—	¥	—
Measurement alternative upward changes for observable prices(1)(2)(3)(6)	¥	6,309	¥	1,383

(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.