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Derivative Financial Instruments (Tables)

6 Months Ended

Sep. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Notional Amounts of Derivative Contracts

The following table summarizes the notional amounts of derivative contracts at March 31, 2025 and September 30, 2025:


	Notional amounts(1)
	March 31, 2025		September 30, 2025
	(in trillions)
Interest rate contracts	¥	2,122.7	¥	2,368.0
Foreign exchange contracts	346.9		385.5
Equity contracts	5.1		6.0
Commodity contracts	0.2		0.2
Credit derivatives	5.0		5.6
Other	3.6		4.1
Total	¥	2,483.5	¥	2,769.4

Note:

(1)Includes both written and purchased positions.

Fair Value Information on Derivative Instruments Recorded on Condensed Consolidated Balance Sheets

The following table summarizes fair value information on derivative instruments that are recorded on the MUFG Group’s condensed consolidated balance sheets at March 31, 2025 and September 30, 2025:


	Fair value of derivative instruments
	March 31, 2025(1)(5)						September 30, 2025(1)(5)
	Not designated as hedges(2)		Designated as hedges(3)		Total derivatives(4)		Not designated as hedges(2)		Designated as hedges(3)		Total derivatives(4)
	(in billions)
Derivative assets:
Interest rate contracts	¥	14,896	¥	—	¥	14,896	¥	19,177	¥	—	¥	19,177
Foreign exchange contracts	5,621		4		5,625		4,935		3		4,938
Equity contracts	146		—		146		97		—		97
Commodity contracts	20		—		20		18		—		18
Credit derivatives	51		—		51		53		—		53
Other(6)	10		—		10		15		—		15
Total derivative assets	¥	20,744	¥	4	¥	20,748	¥	24,295	¥	3	¥	24,298
Derivative liabilities:
Interest rate contracts	¥	16,071	¥	—	¥	16,071	¥	20,350	¥	—	¥	20,350
Foreign exchange contracts	4,905		3		4,908		4,626		7		4,633
Equity contracts	62		—		62		94		—		94
Commodity contracts	20		—		20		17		—		17
Credit derivatives	53		—		53		59		—		59
Other(6)	(119)		—		(119)		(139)		—		(139)
Total derivative liabilities	¥	20,992	¥	3	¥	20,995	¥	25,007	¥	7	¥	25,014

Notes:

(1)The fair value of derivative instruments is presented on a gross basis even when derivative instruments are subject to master netting agreements. Cash collateral payable and receivable associated with derivative instruments are not added to or netted against the fair value amounts.

(2)Except for the derivative instruments described in (6), the derivative instruments which are not designated as a hedging instrument are held for trading and risk management purposes and are presented in Trading account assets and liabilities.

(3)The MUFG Group adopts hedging strategies and applies hedge accounting to certain derivative transactions entered into by certain subsidiaries. The derivative instruments which are designated as hedging instruments are presented in Other assets or Other liabilities on the accompanying condensed consolidated balance sheets.

(4)This table does not include contracts with embedded derivatives for which the fair value option has been elected.

(5)For more information about fair value measurement and assumptions used to measure the fair value of derivatives, see Note 31 to the consolidated financial statements for the fiscal year ended March 31, 2025.

(6)Other mainly includes bifurcated embedded derivatives carried at fair value, which are presented in Loans, Deposits and Long-term debt.

Gains and Losses for Trading and Risk Management Derivatives (Not Designated as Hedging Instruments)

The following table provides more detailed information regarding the derivative-related impact on the accompanying condensed consolidated statements of income for the six months ended September 30, 2024 and 2025:


	Trading and risk management derivatives gains and losses (Not designated as hedging instruments)
	Foreign exchange gains (losses)—net		Trading account profits (losses)—net		Total
	(in billions)
Six months ended September 30, 2024:
Interest rate contracts	¥	—	¥	(103)	¥	(103)
Foreign exchange contracts	258		—		258
Equity contracts	—		215		215
Credit derivatives	—		2		2
Other(1)	23		(10)		13
Total	¥	281	¥	104	¥	385
Six months ended September 30, 2025:
Interest rate contracts	¥	—	¥	(552)	¥	(552)
Foreign exchange contracts	(169)		—		(169)
Equity contracts	—		(227)		(227)
Credit derivatives	—		(16)		(16)
Other(1)	4		(9)		(5)
Total	¥	(165)	¥	(804)	¥	(969)

Note:

(1)Other mainly includes bifurcated embedded derivatives carried at fair value, which are presented in Loans, Deposits and Long-term debt.

Protection Sold Through Credit Derivatives

The table below summarizes certain information regarding protection sold through credit derivatives as of March 31, 2025 and September 30, 2025:


	Protection sold
	Maximum potential/Notional amount by expiration period								Fair value
At March 31, 2025:	1 year or less		1-5 years		Over 5 years		Total		(Asset)/ Liability(1)
	(in millions)
Single name credit default swaps:
Investment grade(2)	¥	185,770	¥	710,973	¥	175,920	¥	1,072,663	¥	(17,118)
Non-investment grade	32,574		126,652		7,425		166,651		1,382
Total	218,344		837,625		183,345		1,239,314		(15,736)
Index and basket credit default swaps :
Investment grade(2)	69,289		609,651		22,729		701,669		(8,753)
Non-investment grade	—		—		—		—		—
Not rated	—		129,858		7,632		137,490		(2,611)
Total	69,289		739,509		30,361		839,159		(11,364)
Total credit default swaps sold	¥	287,633	¥	1,577,134	¥	213,706	¥	2,078,473	¥	(27,100)


	Protection sold
	Maximum potential/Notional amount by expiration period								Fair value
At September 30, 2025:	1 year or less		1-5 years		Over 5 years		Total		(Asset)/ Liability(1)
	(in millions)
Single name credit default swaps:
Investment grade(2)	¥	163,763	¥	710,644	¥	136,991	¥	1,011,398	¥	(15,865)
Non-investment grade	41,338		121,501		7,349		170,188		1,404
Total	205,101		832,145		144,340		1,181,586		(14,461)
Index and basket credit default swaps :
Investment grade(2)	71,000		776,117		30,456		877,573		(9,387)
Non-investment grade	59,552		—		—		59,552		(391)
Not rated	—		213,481		8,632		222,113		(4,705)
Total	130,552		989,598		39,088		1,159,238		(14,483)
Total credit default swaps sold	¥	335,653	¥	1,821,743	¥	183,428	¥	2,340,824	¥	(28,944)

Notes:

(1)Fair value amounts are shown on a gross basis prior to cash collateral or counterparty netting.

(2)The MUFG Group considers ratings of Baa3/BBB- or higher to meet the definition of investment grade.

- Definition

Tabular disclosure of credit derivatives which includes information by sellers of credit derivatives, about each credit derivative, or each group of similar credit derivatives, including (a) the nature of the credit derivative - its term, how it arose, the events or circumstances that would require the seller to perform under the credit derivative, and the current status of the payment/performance risk of the credit derivative; (b) the maximum potential amount of future payments (undiscounted) the seller could be required to make under the credit derivative; (c) the current fair value of the credit derivative; and (d) the nature of any recourse provisions under the credit derivative, and any assets held either as collateral or by third parties. A credit derivative is a derivative instrument (1) in which one or more of its underlyings are related to the credit risk of a specified entity (or a group of entities) or an index based on the credit risk of a group of entities and (2) that exposes the seller to potential loss from credit-risk-related events specified in the contract. Examples of credit derivatives within the scope of this paragraph include, but are not limited to, credit default swaps, credit spread options, and credit index products; also includes a hybrid instrument that has an embedded credit derivative (for example, but not limited to, a credit-linked note).

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