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Fair Value (Tables)

6 Months Ended

Sep. 30, 2025

Assets and Liabilities Measured at Fair Value 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 September 30, 2025:


	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 September 30, 2025
	Level 1		Level 2		Level 3		Fair Value
	(in millions)
Assets
Trading account assets:
Trading securities(1)	¥	20,914,933	¥	19,310,608	¥	2,793,966	¥	43,019,507
Debt securities
Japanese national government and Japanese government agency bonds	5,809,065		470,804		—		6,279,869
Japanese prefectural and municipal bonds	—		186,857		—		186,857
Foreign government and official institution bonds	11,977,807		1,107,126		—		13,084,933
Corporate bonds	3,018		2,572,600		182,388		2,758,006
Residential mortgage-backed securities	—		11,113,137		—		11,113,137
Asset-backed securities	—		1,107,289		1,884,579		2,991,868
Other debt securities	—		62,948		578,227		641,175
Commercial paper	—		1,851,131		—		1,851,131
Equity securities(2)	3,125,043		838,716		148,772		4,112,531
Trading derivative assets	40,478		24,177,971		62,140		24,280,589
Interest rate contracts	18,883		19,138,587		19,403		19,176,873
Foreign exchange contracts	3,795		4,911,297		20,245		4,935,337
Equity contracts	17,800		75,184		4,458		97,442
Commodity contracts	—		503		17,181		17,684
Credit derivatives	—		52,319		629		52,948
Other(8)	—		81		224		305
Trading loans(3)	—		24,517		—		24,517
Investment securities:
Available-for-sale debt securities	18,863,895		6,155,575		192,029		25,211,499
Japanese national government and Japanese government agency bonds	16,190,230		839,437		—		17,029,667
Japanese prefectural and municipal bonds	—		206,637		—		206,637
Foreign government and official institution bonds	2,673,665		1,497,306		—		4,170,971
Corporate bonds	—		893,354		3,255		896,609
Residential mortgage-backed securities	—		1,067,095		15		1,067,110
Asset-backed securities	—		1,261,793		138,248		1,400,041
Other debt securities	—		389,953		50,511		440,464
Equity securities	4,282,030		67,780		137,301		4,487,111
Marketable equity securities(9)	4,282,030		67,780		—		4,349,810
Nonmarketable equity securities(4)	—		—		137,301		137,301
Other(5)	584,605		1,867,218		8,352		2,460,175
Total	¥	44,685,941	¥	51,603,669	¥	3,193,788	¥	99,483,398


	At September 30, 2025
	Level 1		Level 2		Level 3		Fair Value
	(in millions)
Liabilities
Trading account liabilities:
Trading securities sold, not yet purchased	¥	130,321	¥	5,142	¥	—	¥	135,463
Trading derivative liabilities	70,738		25,017,869		58,128		25,146,735
Interest rate contracts	16,682		20,293,579		39,407		20,349,668
Foreign exchange contracts	3,761		4,621,690		900		4,626,351
Equity contracts	50,295		43,669		—		93,964
Commodity contracts	—		34		17,182		17,216
Credit derivatives	—		58,828		493		59,321
Other(8)	—		69		146		215
Obligation to return securities received as collateral(6)	6,521,007		361,715		—		6,882,722
Other(7)	—		62,467		(59,422)		3,045
Total	¥	6,722,066	¥	25,447,193	¥	(1,294)	¥	32,167,965

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 at March 31, 2025 were ¥277,252 million and those at September 30, 2025 were ¥281,675 million, respectively. The amounts of unfunded commitments related to these private equity funds at March 31, 2025 were ¥276,433 million, and those at September 30, 2025 were ¥312,858 million, respectively. For the nature and details of these investments, see Note 31 to the consolidated financial statements for the fiscal year ended March 31, 2025.

(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 September 30, 2025 were ¥42,528 million and ¥75,839 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 September 30, 2025 were nil and ¥1,652 million, respectively. For the nature and details of these investments, see Note 31 to the consolidated financial statements for the fiscal year ended March 31, 2025.

(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 ¥155,502 million at March 31, 2025 and September 30, 2025, 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 0.1 - 0.9 years at March 31, 2025 and at September 30, 2025, 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.


Six month ended September 30, 2024 (As Adjusted):			Total gains (losses) for the period																					Change in unrealized gains (losses) for assets and liabilities still held at September 30, 2024
	March 31, 2024		Included in earnings			Included in other comprehensive income		Purchases		Issues		Sales		Settlements		Transfers into Level 3			Transfers out of Level 3			September 30, 2024
	(in millions)
Assets
Trading account assets:
Trading securities(1)	¥	2,041,954	¥	(86,296)	(2)	¥	(5,778)	¥	356,780	¥	—	¥	(2,059)	¥	(141,812)	¥	78,484		¥	—		¥	2,241,273	¥	(88,871)	(2)
Debt securities
Foreign government and official institution bonds	101		(1)			—		—		—		—		(100)		—			—			—		—
Corporate bonds	—		(3,751)			—		38,158		—		—		—		78,460		(5)	—			112,867		(3,751)
Asset-backed securities	1,352,755		(74,833)			(5,778)		311,613		—		—		(121,635)		—			—			1,462,122		(74,912)
Other debt securities	536,846		(8,673)			—		—		—		—		—		—			—			528,173		(8,673)
Equity securities	152,252		962			—		7,009		—		(2,059)		(20,077)		24			—			138,111		(1,535)
Trading derivatives—net	58,906		2,123		(2)	981		670		(312)		—		(7,460)		(14,859)			4,087			44,136		23,415		(2)
Interest rate contracts—net	39,486		(10,625)			(602)		—		—		—		2,889		(13,741)		(5)	5,383			22,790		8,860
Foreign exchange contracts—net	10,198		3,559			862		—		—		—		434		(1,118)			(1,164)			12,771		6,085
Equity contracts—net	8,258		9,284			725		—		—		—		(10,713)		—			(132)			7,422		8,565
Commodity contracts—net	(45)		25			(4)		—		—		—		(6)		—			—			(30)		26
Credit derivatives—net	660		(180)			—		—		—		—		(64)		—			—			416		(179)
Other—net(8)	349		60			—		670		(312)		—		—		—			—			767		58
Investment securities:
Available-for-sale debt securities	204,805		(12,495)		(3)	12,193		39		—		—		(7,598)		—			(743)			196,201		(390)		(3)
Corporate bonds	5,172		324			(139)		—		—		—		—		—			(743)			4,614		157
Residential mortgage-backed securities	15		—			—		—		—		—		—		—			—			15		—
Asset-backed securities	132,951		—			9,973		—		—		—		—		—			—			142,924		9,973
Other debt securities	66,667		(12,819)			2,359		39		—		—		(7,598)		—			—			48,648		(10,520)
Equity securities	87,814		(149)		(3)	445		5,390		—		(519)		—		779			(1,892)			91,868		(542)		(3)
Nonmarketable equity securities	87,814		(149)			445		5,390		—		(519)		—		779			(1,892)			91,868		(542)
Other(9)	79,154		(400)		(7)	133		352		—		—		(17,721)		—			—			61,518		(400)		(7)
Total	¥	2,472,633	¥	(97,217)		¥	7,974	¥	363,231	¥	(312)	¥	(2,578)	¥	(174,591)	¥	64,404		¥	1,452		¥	2,634,996	¥	(66,788)
Liabilities
Obligation to return securities received as collateral	¥	71,399	¥	—		¥	—	¥	—	¥	—	¥	—	¥	(17,572)	¥	—		¥	—		¥	53,827	¥	—
Other(9)	6,486		(2,319)		(4)	(3,502)		—		482		—		(21,879)		2,213		(6)	(8,384)		(6)	(15,261)		(48)		(4)
Total	¥	77,885	¥	(2,319)		¥	(3,502)	¥	—	¥	482	¥	—	¥	(39,451)	¥	2,213		¥	(8,384)		¥	38,566	¥	(48)


Six month ended September 30, 2025:			Total gains (losses) for the period																				Change in unrealized gains (losses) for assets and liabilities still held at September 30, 2025
	March 31, 2025		Included in earnings			Included in other comprehensive income		Purchases		Issues		Sales		Settlements		Transfers into Level 3			Transfers out of Level 3		September 30, 2025
	(in millions)
Assets
Trading account assets:
Trading securities(1)	¥	2,746,696	¥	14,864	(2)	¥	2,331	¥	599,114	¥	—	¥	(4,546)	¥	(564,493)	¥	—		¥	—	¥	2,793,966	¥	34,630	(2)
Debt securities
Corporate bonds	175,464		6,303			—		5,002		—		(4,381)		—		—			—		182,388		6,602
Asset-backed securities	1,816,507		583			2,331		589,062		—		—		(523,904)		—			—		1,884,579		20,479
Other debt securities	612,102		3,044			—		—		—		—		(36,919)		—			—		578,227		3,752
Equity securities	142,623		4,934			—		5,050		—		(165)		(3,670)		—			—		148,772		3,797
Trading derivatives—net	10,870		5,907		(2)	48		3		(330)		—		(3,337)		(1,249)			(7,900)		4,012		6,502		(2)
Interest rate contracts—net	(21,934)		1,087			63		—		—		—		247		(815)			1,348		(20,004)		1,172
Foreign exchange contracts—net	25,319		3,126			23		—		—		—		289		(434)			(8,978)		19,345		3,205
Equity contracts—net	6,603		2,001			(38)		3		—		—		(3,808)		—			(303)		4,458		2,428
Commodity contracts—net	(34)		6			—		—		—		—		(6)		—			33		(1)		6
Credit derivatives—net	327		(132)			—		—		—		—		(59)		—			—		136		(132)
Other—net(8)	589		(181)			—		—		(330)		—		—		—			—		78		(177)
Investment securities:
Available-for-sale debt securities	197,750		(144)		(3)	(3,391)		—		—		—		(50)		—			(2,136)		192,029		(3,492)		(3)
Corporate bonds	5,579		(137)			(1)		—		—		—		(50)		—			(2,136)		3,255		(95)
Residential mortgage-backed securities	15		—			—		—		—		—		—		—			—		15		—
Asset-backed securities	142,284		—			(4,036)		—		—		—		—		—			—		138,248		(4,036)
Other debt securities	49,872		(7)			646		—		—		—		—		—			—		50,511		639
Equity securities	100,762		(8,793)		(3)	332		5,460		—		(1,759)		—		42,138			(839)		137,301		(9,611)		(3)
Nonmarketable equity securities	100,762		(8,793)			332		5,460		—		(1,759)		—		42,138		(10)	(839)		137,301		(9,611)
Other	8,100		49		(7)	124		242		—		—		(163)		—			—		8,352		174		(7)
Total	¥	3,064,178	¥	11,883		¥	(556)	¥	604,819	¥	(330)	¥	(6,305)	¥	(568,043)	¥	40,889		¥	(10,875)	¥	3,135,660	¥	28,203
Liabilities
Other	¥	(49,328)	¥	6,905	(4)	¥	(307)	¥	—	¥	—	¥	—	¥	(3,490)	¥	(40)		¥	34	¥	(59,422)	¥	6,992	(4)
Total	¥	(49,328)	¥	6,905		¥	(307)	¥	—	¥	—	¥	—	¥	(3,490)	¥	(40)		¥	34	¥	(59,422)	¥	6,992

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 and Other comprehensive income, net of tax.

(5)For the six months ended September 30, 2024, transfers into Level 3 for Interest rate contracts—net were mainly caused by changes in the impact of unobservable inputs to the entire fair value measurement. Unobservable inputs include loss given default. Transfers into Level 3 for Corporate bonds were mainly caused by the increased impact of the Liquidity Premium on Fair Value.

(6)For the six months ended September 30, 2024, transfers into (out of) Level 3 for long-term debt in Other were mainly caused by the decrease (increase) in the observability of the key inputs to the valuation models and a corresponding increase (decrease) in the significance of the unobservable inputs.

(7)Included in Other non-interest income.

(8)Includes certain derivatives such as earthquake derivatives.

(9)Retrospectively adjusted due to the adoption of Staff Accounting Bulletin No. 122. The adjustments resulted in a decrease of ¥59,966 million and ¥68,512 million in Assets and Liabilities as of March 31, 2024 and September 30, 2024, respectively, and a decrease of ¥8,546 million in Purchases and Issues for the six months ended September 30, 2024.

(10)Represents the equity securities held by newly consolidated subsidiaries.

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 September 30, 2025	Fair value(1)		Valuation technique	Significant unobservable inputs	Range					Weighted average(2)
	(in millions)
Assets
Trading securities and Investment securities:
Corporate bonds	¥	172,358	Discounted cash flow	Liquidity premium	0.0	%	~	0.2	%	0.1	%
Asset-backed securities	1,727,557		Internal model(4)	Asset correlations	2.0%					2.0	%
				Discount factor	1.3%					1.3	%
				Prepayment rate	20.7%					20.7	%
				Probability of default	0.0	%	~	94.6	%	—		(3)
				Recovery rate	58.7%					58.7	%
Other debt securities	626,252		Discounted cash flow	Liquidity premium	1.6	%	~	3.2	%	2.4	%


At September 30, 2025	Fair value(1)	Valuation technique	Significant unobservable inputs	Range					Median(2)
	(in millions)
Trading derivatives—net:
Interest rate contracts—net	(20,004)	Option model	Correlation between interest rates	33.5	%	~	58.0	%	53.1	%
			Correlation between interest rate and foreign exchange rate	6.5	%	~	49.3	%	21.5	%
			Recovery rate	80.0	%	~	90.0	%	85.0	%
			Volatility	21.9	%	~	93.7	%	70.6	%
Foreign exchange contracts—net	19,345	Option model	Correlation between interest rates	39.2	%	~	58.0	%	48.6	%
			Correlation between interest rate and foreign exchange rate	19.0	%	~	49.3	%	31.6	%
			Recovery rate	80.0	%	~	90.0	%	85.0	%
Equity contracts—net	2,039	Option model	Correlation between foreign exchange rate and equity	6.0	%	~	50.0	%	10.0	%
			Correlation between equities	14.4	%	~	95.0	%	62.0	%
			Volatility	20.5	%	~	41.0	%	33.1	%

Notes:

(1)The fair value as of March 31, 2025 and September 30, 2025 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 “Change in and range of unobservable inputs” in Note 31 to the consolidated financial statements for the fiscal year ended March 31, 2025.

(4)For further detail of Internal model, refer to the last paragraph of “Trading Account Assets and Liabilities—Trading Account Securities” in Note 31 to the consolidated financial statements for the fiscal year ended March 31, 2025.

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 September 30, 2025:


	March 31, 2025								September 30, 2025
	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	¥	—	¥	7,669	¥	16,161	¥	23,830
Loans	2,466		5,254		269,853		277,573		1,681		5,359		224,160		231,200
Loans held for sale	—		—		134,371		134,371		—		—		67,394		67,394
Collateral dependent loans	2,466		5,254		135,482		143,202		1,681		5,359		156,766		163,806
Premises and equipment	—		—		9,557		9,557		—		—		1,181		1,181
Intangible assets	—		—		5,449		5,449		—		—		904		904
Goodwill	—		—		161,758		161,758		—		—		99,167		99,167
Other assets	—		34,389		19,049		53,438		—		8,833		15,154		23,987
Investments in equity method investees(1)	—		27,745		2,057		29,802		—		—		2,026		2,026
Other	—		6,644		16,992		23,636		—		8,833		13,128		21,961
Total	¥	2,466	¥	53,684	¥	515,496	¥	571,646	¥	1,681	¥	21,861	¥	356,727	¥	380,269

Notes:

(1)Excludes certain investments valued at net asset value of ¥39,541 million and ¥21,070 million at March 31, 2025 and September 30, 2025, respectively. The unfunded commitments related to these investments are ¥34,847 million and ¥36,976 million at March 31, 2025 and September 30, 2025, respectively. These investments are in private equity funds. For the nature and details of private equity funds, see Note 31 to the consolidated financial statements for the fiscal year ended March 31, 2025.

(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 six months ended September 30, 2024 and 2025:


	Losses for the six months ended September 30,
	2024		2025
	(in millions)
Investment securities	¥	8,473	¥	12,493
Loans	23,967		7,997
Loans held for sale	1,480		2,712
Collateral dependent loans	22,487		5,285
Premises and equipment	13,072		1,515
Intangible assets	1,706		690
Goodwill	—		37,703
Other assets	15,257		1,719
Investments in equity method investees	274		24
Other	14,983		1,695
Total	¥	62,475	¥	62,117

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

The following table presents the gains or losses recorded for the six months ended September 30, 2024 and 2025 related to the eligible instruments for which the MUFG Group elected the fair value option:


	Six months ended September 30,
	2024						2025
	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	¥	384,525	¥	(816,042)	¥	(431,517)	¥	253,469	¥	139,842	¥	393,311
Total	¥	384,525	¥	(816,042)	¥	(431,517)	¥	253,469	¥	139,842	¥	393,311
Financial liabilities:
Other short-term borrowings(1)	¥	6,225	¥	—	¥	6,225	¥	1,193	¥	—	¥	1,193
Long-term debt(1)	16,488		—		16,488		388		—		388
Total	¥	22,713	¥	—	¥	22,713	¥	1,581	¥	—	¥	1,581

Note:

(1)Change in value attributable to the instrument-specific credit risk related to those financial liabilities are 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 September 30, 2025 for long-term debt instruments for which the fair value option has been elected:


	March 31, 2025						September 30, 2025
	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)	¥	115,589	¥	112,134	¥	(3,455)
Total	¥	156,302	¥	153,742	¥	(2,560)	¥	115,589	¥	112,134	¥	(3,455)

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 condensed consolidated balance sheets as of March 31, 2025 and September 30, 2025:


	At March 31, 2025
	Carrying amount		Estimated fair value
			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		—


	At September 30, 2025
	Carrying amount		Estimated fair value
			Total		Level 1		Level 2		Level 3
	(in billions)
Financial assets:
Cash and due from banks	¥	4,286	¥	4,286	¥	4,286	¥	—	¥	—
Interest-earning deposits in other banks	90,156		90,156		—		90,156		—
Call loans and funds sold	1,915		1,915		—		1,915		—
Receivables under resale agreements	17,683		17,683		—		17,683		—
Receivables under securities borrowing transactions	5,782		5,782		—		5,782		—
Investment securities	23,845		23,213		12,750		8,517		1,946
Loans, net of allowance for credit losses(1)	131,838		131,358		2		73		131,283
Other financial assets(2)	11,182		11,182		—		11,182		—
Financial liabilities:
Deposits
Non-interest-bearing	¥	34,482	¥	34,482	¥	—	¥	34,482	¥	—
Interest-bearing	214,538		214,540		—		214,540		—
Total deposits	249,020		249,022		—		249,022		—
Call money and funds purchased	6,008		6,008		—		6,008		—
Payables under repurchase agreements	40,506		40,506		—		40,506		—
Payables under securities lending transactions	1,210		1,210		—		1,210		—
Due to trust account and other short-term borrowings	16,419		16,419		—		16,419		—
Long-term debt	22,434		21,860		—		21,860		—
Other financial liabilities	8,297		8,297		—		8,297		—

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 ¥4,719 billion at March 31, 2025 and September 30, 2025, respectively.