Mitsubishi UFJ Financial Group Inc (MUFG) 2026 Q2 法說會逐字稿

Good evening, investors, shareholders and rating agencies. I am Togawa, Group CFO. Thank you very much for joining MUFG's online conference call today despite the late hour. Please look at the material titled Financial Highlights under JGAAP for the first half of the fiscal year ending March 31, 2026.

各位投資人、股東和評等機構晚上好。我是戶川，集團財務長。儘管時間已晚，仍然非常感謝您參加今天三菱日聯金融集團的線上電話會議。請查看截至 2026 年 3 月 31 日的財政年度上半年的 JGAAP 財務亮點資料。

Let me first explain our Q2 financial results, followed by revised FY25 performance targets and shareholder return measures. Let me start from the income statement summary. Please turn to page 8.

首先，讓我解釋一下我們第二季的財務業績，然後是修訂後的 2025 財年業績目標和股東回報指標。讓我們先從損益表摘要開始。請翻到第8頁。

First, the figures for the first half of FY24 on the far left column of the table include the impact of the change in the equity method accounting date at Krungsri in Thailand.

首先，表格最左側一列的 2024 財年上半年資料包含了泰國 Krungsri 公司權益法會計日期變更的影響。

So the far right column shows the actual year-over-year change, adjusting this impact. All explanations on this page will be based on adjusted year-on-year comparisons.

因此，最右側一欄顯示的是實際的同比變化，並已對此影響進行了調整。本頁所有說明均基於調整後的同比數據。

Line 1, gross profits increased by JPY189.3 billion year-on-year. Line 2 and below shows the breakdown of gross profits. Net interest income increased, thanks to the impact of rising yen interest rates, improving lending spreads and benefits from last year's bond portfolio rebalancing.

第一行，毛利年增1893億日圓。第 2 行及以下顯示了毛利的組成。淨利息收入增加，這得益於日圓利率上升、貸款利差改善以及去年債券投資組合再平衡所帶來的收益。

In addition, net fees and commissions expanded significantly, primarily due to growth in various fee revenues from domestic and overseas solution services and effects of acquisitions.

此外，淨費用和佣金大幅成長，主要原因是國內外解決方案服務的各種費用收入成長以及收購的影響。

Next, Line 6, G&A expenses increased by JPY127.9 billion year-on-year due to the impact of inflation and acquisitions, as well as strategic expense allocation, mainly in Retail and Digital business group. Expense ratio was flat year-on-year at 56.1%. As a result, Line 8, net operating profits increased by JPY61.3 billion year-on-year.

接下來，第 6 行，由於通貨膨脹和收購的影響，以及戰略費用分配（主要在零售和數位業務集團），一般及行政費用同比增加了 1279 億日元。費用率與前一年持平，為 56.1%。因此，第 8 行淨營業利潤年增 613 億日圓。

Next, Line 9, credit costs decreased by JPY65.7 billion year-on-year. I will explain the reasons for this later. Line 10, net gains and losses on equity securities decreased by JPY235.3 billion, due to the gain on sale of large equity holdings last year, which is in line with our projection at the beginning of FY25.

其次，第 9 行，信貸成本年減了 657 億日圓。我稍後會解釋原因。第 10 行，由於去年出售大量股權獲得收益，股權證券淨損益減少了 2,353 億日圓，這與我們 2025 財年初的預測一致。

Line 12, equity in earnings of equity method investees increased significantly year-on-year, mainly due to the extremely strong performance of Morgan Stanley. As a result, Line 16, profits attributable to owners of parent was JPY1,292.9 billion.

第 12 行，權益法投資企業的收益權益較去年同期成長顯著，主要原因是摩根士丹利的業績表現極為強勁。因此，第 16 行，歸屬於母公司所有者的利潤為 12,929 億日圓。

Although gain on sale of equity holdings decreased year-on-year, we were able to achieve steady growth in net operating profits and equity accounted earnings, which demonstrates the strength of our core business and also recorded onetime gains related to investments and organizational restructuring, resulting in a record high first half profit. Our progress toward initial full year target of JPY2 trillion stands at a high level of 64.6%.

儘管出售股權的收益同比下降，但我們實現了淨營業利潤和權益法核算收益的穩步增長，這表明我們核心業務的實力，並且還記錄了與投資和組織結構調整相關的一次性收益，從而使上半年利潤創歷史新高。我們實現全年2兆日圓目標的進度已達到64.6%的高點。

Performance by business group is shown on pages 9 through 12. I will not go into detail, but customer segment NOP is growing steadily with the exception of retail and digital, where strategic expenditures were made and Global Commercial Banking, which was affected by the economic slowdown in Asia. All business groups achieved an increase in net income.

各業務組的業績請見第 9 至 12 頁。我不打算詳細說明，但除零售和數位業務（已進行戰略支出）以及受亞洲經濟放緩影響的全球商業銀行業務外，客戶細分市場 NOP 均穩步增長。所有業務部門的淨收入均有所成長。

Please turn to page 14 on balance sheet summary. The diagram on the left shows the overview. Loans shown in the top left increased by approximately JPY1.8 trillion from the end of FY24. Excluding government loans, it increased both in Japan and overseas by approximately JPY4 trillion.

請翻到資產負債表摘要第14頁。左側的圖表顯示了概覽。左上角所示的貸款較 2024 財年末增加了約 1.8 兆日圓。不計政府貸款，日本國內外債務總額增加了約4兆日圓。

Page 15 shows the status of domestic loans. The graph on the bottom right shows the trend in domestic corporate lending spreads. Spreads for large corporates in red line is rising, thanks to the accumulation of large, highly profitable loans. Along with SMEs in orange, profit improvement measures have been successful, and the upward trend is continuing.

第 15 頁顯示了國內貸款狀況。右下角的圖表顯示了國內企業貸款利差的趨勢。由於大額、高利潤貸款的積累，大型企業在紅線上的利差正在上升。與橙色區域的中小企業一樣，利潤提升措施取得了成功，上升趨勢仍在繼續。

Next, page 16 shows the status of overseas loans. The bottom right graph shows the trend in overseas lending spreads. The Americas has settled somewhat as the replacement of low-profit assets with high profit assets has run its course, but we continue to work on improving profitability in each region and maintain the gradual recovery trend.

接下來，第 16 頁顯示了海外貸款的狀況。右下角的圖表顯示了海外貸款利差的趨勢。美洲地區的市場已經趨於穩定，低利潤資產被高利潤資產取代的進程已經完成，但我們將繼續努力提高各地區的獲利能力，並保持逐步復甦的趨勢。

Meanwhile, GCIB has seen a significant increase in fee income as their O&D measures are progressing, and we are working to improve capital efficiency on both fronts. Please turn to page 17 on asset quality. The NPL ratio shown by the line graph on the left continues to remain at a low level. The bottom right graph shows the breakdown of year-on-year changes in total credit costs, while there was an increase in large loan loss provisions overseas last year on the bank nonconsolidated basis, the sale was completed this fiscal year, resulting in a reversal.

同時，隨著GCIB的營運和發展措施取得進展，其手續費收入大幅成長，我們正在努力從這兩個方面提高資本效率。請翻到第17頁查看資產品質相關內容。左側折線圖顯示的不良貸款率持續維持在較低水準。右下角的圖表顯示了信貸總成本同比變化的細分情況，雖然去年銀行非合併基礎上的海外大額貸款損失準備金有所增加，但本財年已完成出售，導致損失撥備逆轉。

There were also multiple significant reversals in Japan, resulting in a significant decrease in credit costs. Credit costs also decreased at our overseas subsidiaries due to the effect of stricter screening criteria for new credit transactions in Asian partner banks. Taking the current situation into account, we kept our full year outlook for credit costs unchanged.

日本也出現了許多重大逆轉，導致信貸成本大幅下降。由於亞洲合作銀行對新信貸交易採取了更嚴格的篩選標準，我們海外子公司的信貸成本也有所下降。考慮到當前情勢，我們維持全年信貸成本預期不變。

Please turn to page 18 on investment securities, including equities and government bonds. I will explain the unrealized gains and losses in the upper left table. Line 3, unrealized gains on domestic equity securities increased by JPY0.36 trillion compared to the end of March 2025, due to rising stock prices despite progress in reducing equity holdings.

請翻到第 18 頁，了解投資證券，包括股票和政府公債。我將解釋左上角表格中的未實現收益和損失。第 3 行，由於股票價格上漲，儘管減少股票持有量取得了進展，但與 2025 年 3 月底相比，國內股票證券的未實現收益增加了 0.36 兆日圓。

In addition, unrealized gains and losses on domestic bonds reflecting hedging positions showing in the upper half of the lower left graph is controlled at a low level of just under JPY0.3 trillion and unrealized gains and losses on foreign bonds in the bottom half are slightly positive.

此外，反映對沖頭寸的國內債券未實現損益（顯示在左下角圖表的上半部分）被控制在略低於 0.3 萬億日元的較低水平，而外國債券的未實現損益（顯示在下半部分）略為正值。

Given the scale of our balance sheet and income statement, we think we are in an extremely healthy state with reasonable degree of flexibility. Regarding the reduction of equity holdings on the right, the cumulative sales during the current MTBP were JPY339 billion on an acquisition cost basis, which is about half of the JPY700 billion target.

鑑於我們的資產負債表和損益表規模，我們認為我們處於非常健康的財務狀況，並且具有相當程度的靈活性。關於右側股權持有量的減少，本中期業務計畫期間的累計銷售額以收購成本計算為 3,390 億日圓，約為 7,000 億日圓目標的一半。

The agreed amount has reached nearly 80% of the target, and we are making steady progress toward achieving this target. Page 20 shows capital adequacy. The CET1 ratio, excluding unrealized gains on the finalized and fully implemented Basel III basis fell 30 basis points from the end of March to 10.5% at the upper end of our target range due to growth investments and increase in loans, as well as yen appreciation versus end of March.

已達成一致的金額已接近目標的 80%，我們正朝著實現這一目標穩步前進。第 20 頁顯示了資本充足率。由於成長投資和貸款增加，以及日圓較 3 月底升值，扣除已最終實施的巴塞爾協議 III 基礎上的未實現收益後，CET1 比率從 3 月底下降 30 個基點至 10.5%，處於我們目標範圍的上限。

Towards the end of the fiscal year, we expect risk-weighted assets to continue to accumulate and the yen to appreciate based on the financial indicators, I will come back later. Therefore, we expect the ratio to remain around the midpoint of the target range. Capital allocation results are shown on the lower right. We will continue to manage capital with an eye on balancing shareholder returns and growth investments.

接近財年末，我們預期風險加權資產將繼續積累，日圓將根據各項金融指標升值，稍後我會再詳細分析。因此，我們預計該比率將保持在目標範圍的中點附近。資本配置結果顯示在右下角。我們將繼續進行資本管理，力求在股東回報和成長投資之間取得平衡。

Please go back to page 3. Let me turn to our FY25 financial targets and shareholder returns. As shown on the left, given the continued strong performance of NOP, particularly in the customer segment and increased income from equity method investee, we revised up our net income target by JPY100 billion from initial target to JPY2.1 trillion.

請返回第3頁。接下來，我想談談我們2025財年的財務目標和股東回報。如左圖所示，鑑於 NOP 持續強勁的表現，尤其是在客戶領域以及權益法投資企業的收入增加，我們將淨利潤目標從最初的目標上調了 1000 億日元，至 2.1 兆日元。

Turning to shareholder returns on the right. We continue to aim for a dividend payout ratio of approximately 40%. And in line with the upward revision of profit target, our annual dividend forecast for FY25 was revised up to JPY74, up JPY10 from the previous year and JPY4 from initial forecast.

接下來我們來看右邊的股東回報。我們仍將股利支付率維持在 40% 左右。與利潤目標的上調一致，我們對 2025 財年的年度股息預測上調至 74 日元，比上一年增加 10 日元，比最初預測增加 4 日元。

Regarding share repurchase, a resolution was approved today to acquire an additional JPY250 billion in the second half of the year, bringing the total amount for the full year to JPY500 billion. As discussed in May, this is due to take into account total shareholder return over the past few years.

關於股票回購，今天批准了一項決議，將在今年下半年額外回購2,500億日圓，使全年回購總額達到5,000億日圓。正如五月討論的那樣，這將考慮過去幾年股東的總回報。

We also announced today the cancellation of 200 million treasury shares. We aim to achieve our mid- to long-term ROE target and we will work to provide shareholder returns while taking the optimal balance with growth investments into account.

我們今天也宣布註銷2億股庫存股。我們的目標是實現中長期淨資產收益率目標，我們將努力在兼顧成長投資的同時，為股東帶來回報。

Turning to progress of three pillars of MTBP. Please turn to page 4. First pillar is expand and refine growth strategies as shown on the left. Each of the seven strategies for seasoning growth is on track, resulting in an increase in NOP of approximately JPY150 billion compared to FY23.

接下來討論MTBP三大支柱的進展。請翻到第4頁。第一支柱是擴展和完善成長策略，如左圖所示。七項促進成長的策略均按計畫進行，與 2023 財年相比，淨營業利潤將增加約 1,500 億日圓。

In particular, in the domestic retail business, a new service brand, EMUTO, was announced in June this year. The credit card reward programs and group-wide campaigns launched in conjunction with EMUTO generated strong response, leading to increased transactions for each group company.

尤其是在國內零售業務方面，今年6月宣布推出新的服務品牌EMUTO。與 EMUTO 共同推出的信用卡獎勵計劃和集團範圍內的活動獲得了強烈的反響，導致集團旗下各公司的交易量增加。

We will continue to demonstrate the collective strength of the group and aim to expand our services, including digital banking.

我們將持續展現集團的集體實力，並致力於拓展服務範圍，包括數位銀行服務。

Please turn to page 5. Second pillar, social and environmental progress is shown on the left. Sustainable finance has steadily built up a track record even with different vectors at play globally. A white paper will be published again this year to communicate our view on contributing to accelerating transition.

請翻到第5頁。第二個支柱，社會和環境進步，顯示在左側。儘管全球情勢複雜多變，永續金融仍穩步累積了良好的業績記錄。今年我們將再次發佈白皮書，闡述我們對加速轉型所做的貢獻。

On the right is our third pillar, transformation and innovation. Under the current midterm plan to maximize MUFG's potential, we are working as a group to pursue new business initiatives, invest in human capital and strengthen our foundations in areas such as AI and data in addition to continuing cultural reform.

右邊是我們的第三個支柱：轉型與創新。在當前中期計劃下，為了最大限度地發揮三菱日聯金融集團的潛力，我們作為一個整體，除了繼續進行文化改革外，還致力於推行新的業務舉措，投資人力資本，並加強我們在人工智能和數據等領域的基礎。

Corporate transformation using AI is a particular urgent priority. And by combining this with agile management, we are working to transform into an AI-native company. The number of AI use cases has reached 116, and the aim is to increase to over 250 cases by FY26.

利用人工智慧進行企業轉型是一項尤為迫切的任務。透過將這一點與敏捷管理結合，我們正在努力轉型成為一家人工智慧原生公司。人工智慧應用案例數量已達 116 個，目標在 2026 財政年度增加到 250 個以上。

Current estimates suggest that the cumulative benefits over the three years of the current MTBP is approximately JPY30 billion. The launch of a new strategic partnership with OpenAI is expected to accelerate use of AI across the company and to collaborate on various services, primarily in the retail sector such as digital banking.

目前的估計表明，當前中期預算計畫三年內的累積收益約為 300 億日圓。與 OpenAI 建立新的策略合作夥伴關係有望加速人工智慧在公司內部的應用，並在各種服務方面展開合作，主要集中在零售領域，例如數位銀行。

Moving on to page 6. Let me take you through our path to achieving mid- to long-term ROE target of 12%, which has been a popular question since our announcement in May. We assume that the policy rate will rise to around 1%, while the sale of equity holdings will come to an end and capital gains will seize.

接下來翻到第6頁。讓我帶您了解我們為實現 12% 的中長期 ROE 目標所做的努力，自從我們在 5 月宣布以來，這一直是大家關注的熱門議題。我們假設政策利率將上升到 1% 左右，同時股票持有量的出售將停止，資本利得也將停止。

After solidifying the goals of the growth strategy of the current MTBP, as explained on page 4, we will pursue both organic growth by refining existing areas, both domestically and overseas and inorganic growth by focusing on the areas described in the slide, thereby making steady progress towards an ROE of 12%.

如第 4 頁所述，在鞏固當前 MTBP 成長策略目標之後，我們將透過完善國內外現有領域來實現有機成長，並透過專注於幻燈片中描述的領域來實現無機成長，從而穩步朝著 12% 的 ROE 邁進。

Mr. Kamezawa will share his thoughts on this point at the investor meeting on the 18. Page 7, my last slide. Last month, in October, we celebrated our 20th anniversary as MUFG. Looking back over the past 20 years, thanks to the understanding and support of our stakeholders, including our investors, we have taken on many challenges, gone through three major transitions and achieved growth sometimes despite headwinds.

龜澤先生將在18日的投資者會議上分享他對這一點的看法。第 7 頁，我的最後一張投影片。上個月，也就是十月份，我們慶祝了三菱日聯金融集團 20 週年。回顧過去 20 年，感謝包括投資者在內的利害關係人的理解和支持，我們克服了許多挑戰，經歷了三次重大轉型，並在逆境中實現了成長。

MUFG will continue to push ourselves forward and guided by our purpose of committed to empowering a brighter future, we will aim to further increase our corporate value even in a rapidly changing external environment. Your continued understanding and support is very much appreciated. That is all for me.

三菱日聯金融集團將繼續努力前進，秉承“致力於創造更美好未來的宗旨”，即使在快速變化的外部環境中，我們也將力爭進一步提升企業價值。非常感謝您的持續理解和支持。這就是我全部的內容。

Mr. Takamiya, Nomura Securities.

野村證券高宮先生。

This is Takamiya from Nomura Securities. I have two questions. On the upward revision of your guidance and the 12% ROE target. I would like to hear your thoughts on the upward revision from two perspectives.

這是野村證券的高宮先生。我有兩個問題。關於您上調業績指引和12%的淨資產收益率目標。我想從兩個角度聽聽您對這次上調的看法。

First, I wonder if the assumptions are too conservative considering the current levels of the Nikkei stock average and the dollar-yen exchange rate.

首先，考慮到日經指數和美元兌日圓匯率目前的水平，我想知道這些假設是否過於保守。

Second, the revision of JPY100 billion from JPY2 trillion to JPY2.1 trillion is not small, but it is a somewhat small revision to your bottom line profit. What was the aim and your thoughts on this small revision? This is my question on your guidance.

其次，將2兆日圓調整為2.1兆日圓，雖然幅度不小，但對你的最終利潤影響卻相對較小。這次小幅修改的目的是什麼？您對此有何看法？這是我想請教您的問題。

My second question is on your ROE target. On page 6, you explained verbally the general direction you are heading, including assumptions like interest rate of around 1% and no gain on sale from reducing your equity holdings. But I think this is the first time you have clarified this in writing.

我的第二個問題是關於你們的淨值收益率目標。在第 6 頁，您口頭解釋了您的整體方向，包括利率約為 1% 以及減少股權持有量不會帶來出售收益等假設。但我認為這是你第一次以書面形式澄清這一點。

Regarding the mid- to long-term ROE target of 12%, I want to know if there were any changes in your thinking and the management's perspective, reflecting the changes in the environment or tailwinds. Thank you.

關於12%的中長期淨資產收益率目標，我想知道，鑑於環境變化或有利因素，您和管理層的想法是否有所改變。謝謝。

Thank you, Takamiya-san. Regarding the upward revision, our initial guidance was JPY2 trillion based on the assumption that the decrease in net gains and losses on equity securities and the absence of reversal of large loan loss provisions will be offset by continued growth in customer segment NOP, improvement in treasury interest income benefiting from last year's bond portfolio rebalance and a rebound from the loss due to bond portfolio rebalance in FY24.

謝謝您，高宮先生。關於上調，我們最初的預期是2萬億日元，基於以下假設：股權證券淨收益和損失的減少以及大額貸款損失準備金無法撥回將被客戶業務淨營業利潤的持續增長、受益於去年債券組合再平衡的國債收入的改善以及從2024財年債券組合再平衡造成的損失中利息反彈所抵消。

Decrease in gains and losses on equity securities, absence of reversal of large loan loss provisions, treasury interest income improvement and rebound from last year's bond portfolio rebalance are in line with our initial forecast.

股票證券收益和損失的減少、大額貸款損失準備金沒有被沖回、國債利息收入的改善以及去年債券投資組合再平衡後的反彈，都符合我們最初的預測。

Meanwhile, progress in the first half exceeded expectations, thanks to better-than-planned customer segment NOP, lower credit costs, upside in Morgan Stanley equity accounted earnings and onetime gains not factored in our initial forecast.

同時，由於客戶群淨營業利潤 (NOP) 好於計劃、信貸成本降低、摩根士丹利權益核算收益上調以及我們最初預測中未考慮的一次性收益，上半年的進展超出了預期。

I will explain our assumptions for the second half later, but we forecast strong yen toward the end of the fiscal year, slower treasury sales in the second half as trading gains were weighted to the first half, credit costs in line with our initial forecast, though the full year will depend on the impact of tariffs and an increase in strategic expense allocation, including retail and also included certain financial measures for FY26, resulting in a guidance of JPY2.1 trillion.

我稍後會解釋我們對下半年的假設，但我們預測，在財年末日元將走強，下半年國債銷售將放緩，因為交易收益主要集中在上半年，信貸成本將與我們最初的預測一致，儘管全年情況將取決於關稅的影響以及戰略費用分配的增加，包括零售業，並且還包括2026財年的某些財務，最終

There was internal discussion about whether a 5% revision was really necessary, but we decided to do so with the aim of disclosing our forecast appropriately at each point in time since the first half of last year. We may not have done this in the past, but that is our line of thinking.

公司內部曾討論過是否真的有必要進行 5% 的修正，但我們決定這樣做，目的是自去年上半年以來，在每個時間點都適當地披露我們的預測。我們過去可能沒有這樣做過，但這是我們的想法。

Regarding the assumptions, the yen assumption against the dollar is quite strong given the current level. But depending on interest rate trends, it is not unreasonable for the yen to be in the mid-JPY140s by the end of the fiscal year. The share price of around JPY43,000 may also seem conservative, but the impact of share prices on our earnings is not significant. So this was not the reason for the conservative profit target.

就假設而言，鑑於目前的水平，日圓兌美元的假設相當強勢。但根據利率走勢，到本財年結束時日圓匯率達到 140 日圓中段並非不合理。股價約 43,000 日元，或許看起來比較保守，但股價對我們收益的影響並不顯著。所以，這並不是設定保守獲利目標的原因。

As for future upside, we expect further growth in the customer segment and decline in credit costs, which is again subject to tariffs and also an upside in FX that you mentioned. Whether there has been a change in our view on the 12% target, we originally began the discussions to set the 12% target by trying to see how much we can increase our profit under the assumptions that Japan's policy interest rate will be around 1% and that we have no gain on sale of equity holdings, which I strongly insisted.

至於未來的成長空間，我們預計客戶群將進一步成長，信貸成本將下降，但這同樣取決於關稅以及您提到的匯率上漲。至於我們對 12% 目標的看法是否有所改變，我們最初開始討論設定 12% 的目標時，是想看看在日本政策利率約為 1% 且我們沒有出售股權收益（我強烈堅持這一點）的假設下，我們能將利潤提高多少。

Since investors asked questions based on different assumptions such as including gain on sale of equity holdings, we made that clear. We are fleshing out the details to achieve this as we speak.

由於投資者提出的問題是基於不同的假設，例如是否包括出售股權的收益，我們對此進行了明確說明。我們正在敲定實現這一目標的具體細節。

One change in our thinking, both in terms of inorganic investment and the use of capital, as I may have mentioned before, is that we are now discussing potential investments internally based on whether or not they contribute to achieving 12% ROE.

正如我之前可能提到的，我們在無機投資和資本使用方面的想法發生了一個變化，那就是我們現在在內部討論潛在投資時，會考慮它們是否有助於實現 12% 的 ROE。

That is all for me. Thank you very much.

這就是我全部的內容。非常感謝。

Mr. Nakamura, BofA Securities.

中村先生，美國銀行證券。

This is Nakamura from BofA Securities. I also have two questions. First, let me confirm the full year CET1 ratio forecast on page 20 again. It doesn't seem like it will approach the middle of the range. So if you could share with us your view on the level and the breakdown to the extent possible.

這是來自美國銀行證券的中村先生。我還有兩個問題。首先，讓我再次確認第 20 頁的全年 CET1 比率預測。看起來它不太可能接近價格區間的中間值。所以，如果您能盡可能地與我們分享您對當前水平和細分情況的看法，那就太好了。

There was an article in Bloomberg about your inorganic investments, and you denied that the information came from you. Could you elaborate on this, if possible? Sorry for asking too much. That is my first question.

彭博社曾刊登一篇關於你進行非有機投資的文章，你否認這些資訊來自你。如果可以的話，能否詳細說明一下？不好意思，問太多啦。這是我的第一個問題。

My second question is on credit cost. In the first half, there was a reversal on the bank nonconsolidated basis. So if you achieve your target in the second half, this is a reasonable level. So my question is on the current situation of private credit in the US.

我的第二個問題是關於信用成本。上半年，銀行非合併報表出現了逆轉。所以，如果你在下半場達到目標，這算是一個合理的水平。所以我的問題是關於美國目前私人信貸的狀況。

Although MUFG has not directly mentioned it, we are seeing large-scale loans to Oracle's data center investment, among others, which is widening credit spreads as a result. What are your thoughts on this increasing concentration of risk? Thank you.

儘管三菱日聯金融集團沒有直接提及，但我們看到，包括甲骨文資料中心投資在內的大規模貸款正在擴大信用利差。您如何看待這種風險日益集中的現象？謝謝。

First, regarding the outlook for CET1 ratio toward the end of FY25, the end of March '26, approximately 80 basis points up in the second half from the accumulation of net income based on the revised performance targets, 65 basis points down due to shareholder returns, including dividends and share buybacks, as I explained earlier, around 30 basis points down from the planned increase in risk assets.

首先，關於 2025 財年末（即 2026 年 3 月底）的 CET1 比率展望，根據修訂後的業績目標，下半年淨利潤累計將增長約 80 個基點；由於股東回報（包括股息和股票回購），將下降約 65 個基點（正如我之前解釋的那樣）；由於計劃增加風險

And with Morgan Stanley's accumulated profit from its extremely strong performance, et cetera, we expect the ratio to be somewhere between 10% and 10.5%. Regarding the private credit market, MUFG actually does not have a significant exposure. We have some exposure to companies that have been mentioned in the media. But as you saw earlier, our NPL ratio is declining.

加上摩根士丹利憑藉其極其強勁的業績積累的利潤等等，我們預計該比率將在 10% 到 10.5% 之間。就私人信貸市場而言，三菱日聯金融集團實際上並沒有重大投資。我們接觸過一些媒體報道過的公司。但正如您之前看到的，我們的不良貸款率正在下降。

So I do not think we have a significant exposure. That said, the private credit market is extremely strong now. So we need to keep a close eye on the recent increase in volatility. I think the risk of lending to data centers depends on the project.

所以我認為我們面臨的風險並不大。也就是說，目前私人信貸市場非常強勁。因此，我們需要密切關注近期波動性的加劇。我認為向資料中心提供貸款的風險取決於具體項目。

We have extensive knowledge on project finance. So it is important to carefully select projects, taking into account factors like sources of cash flow and technical conditions, such as proper installation of high-voltage cables.

我們在專案融資方面擁有豐富的知識。因此，在選擇項目時，必須仔細考慮現金流來源和技術條件等因素，例如高壓電纜的正確安裝。

Regarding the first question on inorganic investment, sorry, I skipped that. But actually, I have no comment. We continue to consider opportunities in three areas, namely AMIS, Digital and US Asia.

關於第一個關於無機投資的問題，抱歉，我跳過了。但實際上，我無可奉告。我們將繼續關註三個領域的機遇，即AMIS、數位和美國亞洲。

I understand. Thank you.

我明白。謝謝。

Mr. Matsuno, Mizuho Securities.

松野先生，瑞穗證券。

Matsuno from Mizuho Securities. I have two questions. First question is on page 3. Upward revision of financial targets for FY25. Can you give a more detailed breakdown? The graph on the bottom left shows a breakdown into customer segment, equity method investees and review on financial indicators. Can you give a breakdown of each of them?

來自瑞穗證券的松野。我有兩個問題。第一個問題在第3頁。上調2025財年財務目標。能否提供更詳細的分析？左下角的圖表顯示了客戶細分、權益法投資對象和財務指標回顧。能逐一分析一下嗎？

For example, weaker yen than the beginning of the year, would that be included in review on financial indicators or the equity market value? Can you give some color on the factors affecting changes in net income?

例如，日圓貶值（低於年初水準）是否應納入財務指標或股票市場價值的考量？能否詳細闡述影響淨收入變化的因素？

My second question is on the operational policy of Global Markets in the second half. In the first half of the year, it looks like you did well by drastically reducing yen bonds and super long-term bonds and making profits on foreign bonds. Is there anything you can speak about the operations of Global Markets in the second half of the year? Those are my two questions.

我的第二個問題是關於全球市場下半年的營運政策。今年上半年，你似乎透過大幅減持日圓債券和超長期債券，並從外國債券中獲利，取得了不錯的成績。您能否談談全球市場在下半年的營運狀況？這就是我的兩個問題。

So starting with page 3, your question on major factors affecting changes in full year targets. Earlier, I said the customer segment is expected to continue making steady progress in the second half of the year and is expected to exceed the initial plan by around JPY30 billion for the full year.

那麼，從第 3 頁開始，你的問題是關於影響全年目標變化的主要因素。先前我曾表示，客戶群預計將在今年下半年繼續穩定發展，預計全年將比原計劃超出約300億日元。

Regarding equity and earnings of equity method investees, I must admit it is difficult to say how much is coming from Morgan Stanley, but a certain amount is factored in. There are also some one-offs. Please look at the footnote on page 8.

關於權益法投資對象的權益和收益，我必須承認很難說摩根士丹利貢獻了多少，但其中一定數額已被考慮在內。也有一些特例。請參閱第 8 頁的註腳。

Step-up gains from acquiring shares of JACCS, one-off gains from acquisition of Tidlor as a subsidiary and gains related to liquidation of local subsidiaries, a part of them were not factored in, accounting for approximately JPY40 billion.

收購 JACCS 股份的增值收益、收購 Tidlor 作為子公司的一次性收益以及與清算當地子公司相關的收益，其中一部分未計入，約佔 400 億日圓。

The revision of financial indicators is expected to have an impact of approximately JPY30 billion, mainly due to the weak yen. Stock price outlook was revised up, but gain on sales of equity holdings has been hedged for stocks scheduled for sale at the beginning of the fiscal year. So impact of sales of equity holdings is minimal.

預計金融指標的調整將產生約300億日圓的影響，主要原因是日圓疲軟。股票價格預期被上調，但已對本財年初計劃出售的股票的出售收益進行了對沖。因此，出售股權的影響微乎其微。

Although there will be partial impact on earnings due to an increase in AUM in the asset management and investor services, the impact of the revision of stock price assumptions is not that big. The impact is primarily from ForEx, and the total adds up to JPY100 billion.

儘管資產管理和投資者服務業務的資產管理規模增加會對收益產生部分影響，但股票價格假設的調整的影響並不大。影響主要來自外匯市場，總計達1,000億日圓。

For Global Markets, you are right. In Q1, reducing the balance of super long-term JGBs, partially offsetting with redemption gains on bear fund and gains on sale of foreign bonds, that's for the first half of the year.

對於全球市場而言，你的說法是對的。第一季度，我們減少了超長期日本國債的持有量，部分抵消了熊市基金的贖回收益和出售外國債券的收益，這就是上半年的情況。

Regarding yen bond management from the second half onwards, our policy of gradually building up our yen bond positions, while monitoring the rise in Japan's policy rate remains unchanged. Short-term JGBs decreased as the BOJ's growth-oriented lending support operation is gradually coming to an end and need for short-term JGBs as collateral has decreased.

關於下半年的日圓債券管理，我們將繼續採取逐步增持日圓債券頭寸，同時密切關注日本政策利率上升的策略。隨著日本央行以成長為導向的貸款支援操作逐步結束，短期日本國債作為抵押品的需求減少，短期日本國債數量下降。

The balance of short-term government bonds has fallen significantly. As for foreign bonds, the balance of long-term bonds appears to be increasing, while duration is decreasing and some might feel this doesn't sit well. This is due to categorizing mortgage bonds with long statutory maturities as long term. But overall duration shortened to four years.

短期政府公債餘額大幅下降。至於外國債券，長期債券的佔比似乎正在增加，而久期卻在減少，有些人可能會覺得這不太好。這是因為將法定到期日較長的抵押債券歸類為長期債券。但總時長縮短至四年。

That's all for me. Thank you for the detailed explanation.

我的內容就這些了。感謝您的詳細解說。

Mr. Matsuda, Daiwa Securities.

松田先生，大和證券。

Matsuda from Daiwa Securities, thank you for taking my question. I also have two questions. Regarding net fees and commissions. Net fees and commissions in the first half of the year was very strong for both domestic and nondomestic. Is this trend in the first half a temporary phenomenon?

來自大和證券的松田先生，感謝您回答我的問題。我還有兩個問題。關於淨費用和佣金。今年上半年，國內和國際業務的淨費用和佣金都非常強勁。上半年出現的這種趨勢是暫時的現象嗎？

Or including the current pipeline, can we expect further growth going forward? That is my first question. Second question is on CET1 ratio on page 20. The impact of exchange rates was cited as a factor in the decline in the CET1 ratio in the first half of the year.

或者，考慮到目前的在研項目，我們能否預期未來會有進一步成長？這是我的第一個問題。第二個問題是關於第 20 頁的 CET1 比率。匯率波動被認為是導致今年上半年CET1比率下降的因素。

It worsened by 40 basis points, but the yen did not appreciate significantly between the end of March and the end of September. Then why deteriorate by 40 basis points? Was it due to the Thai baht? What was the impact in the first half? If the weak yen environment continues, can we expect the CET1 ratio to improve further? These are my two questions.

日圓匯率下跌了 40 個基點，但從 3 月底到 9 月底，日圓並未大幅升值。那為什麼還要惡化40個基點呢？是因為泰銖貶值嗎？上半場的影響是什麼？如果日圓疲軟的局面持續下去，我們能否預期CET1比率會進一步改善？我有兩個問題。

Thank you for your questions. Fee revenues, fee income partially include impact of acquisitions. Acquisition of WealthNavi, MPMS acquired by our Trust Bank and NICOS acquiring Zenhoren has resulted in a total acquisition effect of about JPY48 billion.

感謝您的提問。費用收入、費用收益部分包含收購的影響。收購 WealthNavi、MPMS 被我們的信託銀行收購以及 NICOS 收購 Zenhoren，總共產生了約 480 億日圓的收購影響。

Apart from that, GCIB, in particular, is further promoting O&D initiatives, so fee income will grow. Domestically, fees related to loans such as MBOs and LBOs are growing. Solution-related fees are also growing. So we can expect continued growth in this area.

除此之外，GCIB 尤其進一步推進 O&D 計劃，因此費用收入將會成長。在國內，與貸款相關的費用，例如管理層收購和槓桿收購，正在成長。解決方案相關的費用也在增加。因此，我們可以預期該領域將持續成長。

In addition, AUM in asset management is growing steadily, and IS has also issued a press release stating that outsourcing operations have quickly achieved the MTBP target. These areas are growing steadily. So I believe we can continue to grow.

此外，資產管理規模也在穩定成長，IS 也發布新聞稿稱，外包業務已迅速實現中期業務計畫目標。這些地區正在穩步發展。所以我相信我們能夠繼續發展壯大。

Regarding CET1 ratio for the first half of the year, impact of US MUA is large, as I might have said in May. The dollar-yen exchange rate from December to June saw the yen appreciate by about JPY14. We took some hedging measures, but were implemented after April or May and hence, this impact.

關於今年上半年的 CET1 比率，美國 MUA 的影響很大，正如我五月可能說過的那樣。從去年12月到今年6月，美元兌日圓匯率上漲了約14日圓。我們採取了一些對沖措施，但這些措施是在四月或五月之後才實施的，因此產生了這種影響。

Regarding impact of the weak yen on CET1 ratio, it will depend on the trends in the dollar yen and Thai baht, but the weak yen will have a certain effect in lifting the CET1 ratio.

至於日圓疲軟對CET1比率的影響，這取決於美元兌日圓和泰銖的走勢，但日圓疲軟會對提升CET1比率產生一定的影響。

That's all for me. Thank you. Well understood.

我的內容就這些了。謝謝。明白了。

Mr. Yano, JPMorgan.

Yano先生，摩根大通。

Thank you for taking my questions. I also have two questions. One is a detailed question, a follow-up to Mr. Matsuno's question. Regarding the revised target for this fiscal year, you referred to the waterfall chart on the lower left, but I'd like to confirm referring to the table above. NOP is up JPY50 billion.

謝謝您回答我的問題。我還有兩個問題。其中一個是詳細問題，是對松野先生問題的後續提問。關於本財年的修訂目標，您提到了左下角的瀑布圖，但我希望參考上面的表格來確認。NOP成長500億日圓。

Credit costs haven't changed and ordinary profits increased by JPY150 billion. I assume this is coming from increase in ownership interest, stock-related and other factors accounting for JPY100 billion. I'd like to know the breakdown. This is my first question.

信貸成本沒有變化，普通利潤增加了1500億日圓。我推測這1000億日圓來自於所有權權益的增加、股票相關因素以及其他因素。我想知道具體明細。這是我的第一個問題。

The second question is a high-level question. Today, there was a headline in the news quoting CEO, Mr. Kamezawa about achieving top -- global top-tier ROE and corporate value. I assume this is along the same lines of what has he has been saying. But just to be sure, can we take this as a hint that the current ROE target of 12% will change?

第二個問題是一個高層次的問題。今天，新聞頭條引用了CEO龜澤先生的話，談到要實現全球頂尖的淨資產收益率和企業價值。我猜這和他之前說的差不多。但為了確保萬無一失，我們是否可以將此視為當前 12% 的 ROE 目標將會改變的暗示？

Is there no need to read too much into it? I would like to know what you mean by achieving global top-tier ROE, if there is anything we should know of.

沒必要過度解讀嗎？我想了解一下您所說的實現全球頂尖的 ROE 是什麼意思，如果有什麼需要我們注意的地方的話。

Thank you for the questions. Should I explain both NOP and ordinary profit? Well, if you could elaborate on the variance, if there is anything that is tricky in NOP. Okay. Within NOP, JPY25 billion is from ForEx, assuming the yen to be about JPY5 stronger.

謝謝大家的提問。我需要同時解釋營業淨利潤和普通利潤嗎？嗯，如果您能詳細說明一下差異，以及 NOP 中是否存在任何棘手之處就好了。好的。NOP 中，250 億日圓來自外匯交易，假設日圓升值約 5 日圓。

The rebound from treasury trading gains was concentrated in the first half, as I said, and the difference between first half and second half is about JPY130 billion. Then there is increase in expenses, expense incurred in EMUTO, IT costs, AI, cyber-related impact from certain inflation-related costs, base wage increase, among others.

正如我所說，國債交易收益的反彈主要集中在上半年，上半年和下半年的差額約為1300億日圓。此外，還有支出增加、EMUTO 支出、IT 成本、人工智慧、某些與通貨膨脹相關的成本帶來的網路安全影響、基本工資成長等等。

All in all, about JPY100 billion in expense increase. We are also considering a certain level of structural improvements for next fiscal year as profits are also strong. Averaging them all out, we expected an upside of about JPY50 billion in NOP.

總計支出增加約1000億日圓。由於利潤表現強勁，我們也正在考慮在下一財年進行一定程度的結構性改善。平均下來，我們預計 NOP 將上漲約 500 億日圓。

Regarding ordinary profit, there is a one-off step-up gain from an increase in our ownership interest. This accounted for about JPY100 billion in the first half. Some of it was not accounted for in the plan, as I said earlier. Combined with Morgan Stanley's profit increase, ordinary profit was revised up by JPY150 billion.

關於普通利潤，由於我們持股比例的增加，會有一次性收益。這相當於上半年約1000億日圓。正如我之前所說，其中一些情況沒有在計劃中考慮到。加上摩根士丹利的利潤增長，普通利潤上調了1500億日元。

To your second question, I appreciate the expectations you have on us, but we will first focus on achieving 12%. Mr. Kamezawa spoke in that context. Thank you.

關於你的第二個問題，我很感激你對我們的期望，但我們首先會專注於實現 12% 的目標。龜澤先生是在這種背景下發表演說的。謝謝。

Understood. Thank you very much.

明白了。非常感謝。

It seems there are no further questions, so we will conclude the Q&A session. Finally, Mr. Togawa would like to say a few words. Togawa-san, please.

看來沒有其他問題了，問答環節到此結束。最後，戶川先生想說幾句話。戶川先生，謝謝。

Thank you very much for joining us today despite the late hour and on a day where many companies are announcing their results. Thank you for your diverse questions and comments.

儘管時間已晚，而且今天許多公司都在公佈業績，但非常感謝您今天仍然抽出時間參加我們的節目。感謝各位提出各種各樣的問題和評論。

Today, I mainly explain the progress made in Q2 of FY 2025, and President Kamezawa will provide a more detailed explanation, including his own thoughts at the investor briefing on the 18. We look forward to your participation. We would appreciate your continued understanding and further support. Thank you very much for joining us today.

今天，我主要介紹 2025 財年第二季的進展，龜澤社長將在 18 日的投資者簡報會上提供更詳細的解釋，包括他自己的想法。我們期待您的參與。我們衷心感謝您一如既往的理解與支持。非常感謝您今天蒞臨。

This concludes the online conference call on financial highlights for the first half of FY25 of Mitsubishi UFJ Financial Group. Thank you very much for participating today.

三菱日聯金融集團2025財年上半年財務亮點線上電話會議到此結束。非常感謝各位今天的參與。

Statements in English on this transcript were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本記錄稿中的英文陳述是由現場通話中的口譯員翻譯的。本次活動的翻譯人員由活動贊助公司提供。