三菱日联金融集团(MUFG)近日发布的研报显示，该机构认为，美国7月非农就业大幅不及预期并伴随前值大幅下修，使 得市场对美联储年内降息的押注骤然升温。MUFG援引的数据显示，利率期货市场已为2025年余下时间计入约64bp的宽 松幅度——即降息预期向年内降息75基点靠拢，9月降息概率被推高至90%。利率期货市场当前押注年底前至少降息两 次，甚至押注9月与10月接连降息25基点，加之12月降息25基点累计在年底前降息3次共75基点的利率期货交易员越来越 多。 MUFG策略团队表示，尽管仍需关注后续就业与通胀数据，但从利率定价、美元指数表现及华尔街重新拥抱"美债牛市陡 峭化"策略来看，"美联储即将重新开启降息周期"逐步取代"美国经济金发姑娘"(Goldilocks)与"TACO"这两大叙事，成为 主导金融市场股债汇交易的核心逻辑。 MUFG表示，上周五非农数据爆冷叠加多项经济数据共同显示出美国经济疲软信号但是通胀未明显升温，大幅推升市场 对于美联储的降息押注。这份非农就业报告可谓是压垮美联储鹰派势力的最后一根稻草，9月降息已从选项逐渐演变为 必然事件。 所谓的美债市场"牛市陡峭化"策略(bull steepeni ...

智通财经APP获悉，针对日本通胀前景，日本最大银行三菱日联金融集团(MUFG.US)首席执行官龟泽宏德公开表达了对日本央行加息节奏 的看法。他在接受采访时表示，公司官方预期明年3月可能是政策利率调整的时机，但个人认为今年9月或10月加息的可能性同样较高，并 指出"本月或本月内调整利率也是可取的"。这一表态在日本银行界较为罕见，凸显其对当前经济环境的关注。 为实现中长期12%的股本回报率目标(近期约为10%)，集团上季度盈利能力指标为10.8%。龟泽指出，需额外创造1.2万亿日元净营业利润以 支撑2个百分点的回报率提升，其中一半将来自投资银行业务扩张及收购。他透露，集团正考虑扩大证券化业务，并在项目融资中承担更多 风险，以推动业务增长。 持续的工资增长是日本央行决策的关键考量。龟泽认为，日本企业为应对劳动力短缺，未来可能继续提高薪资水平。不过他提醒，若未来 几个月经济数据走弱，央行行长上田一夫及政策委员会或选择暂缓行动，这种情况下下次加息可能推迟至明年3月左右。 关于投资策略，龟泽表示三菱日联金融集团并不急于增持日本国债，称"收益率上升是财政扩张政策辩论中的警钟，预计这一趋势将持 续"。尽管近年来业绩亮眼，但他 ...

Financial Performance - Net Income increased by ¥12 billion YoY to ¥546 billion, a 27.3% progress towards the FY25 target of ¥2 trillion[4] - Net Operating Profits (NOP) decreased by ¥135.1 billion YoY to ¥542.9 billion, representing 24.7% progress towards the FY25 target[4,7] - Adjusted profits increased by ¥12 billion YoY from ¥534 billion to ¥546 billion[7] Business Segment Performance - R&D and CWM experienced a significant increase in Net Operating Profits, up ¥31.6 billion YoY[3,14] - JCIB experienced a decrease in Net Operating Profits, down ¥2.3 billion YoY[3,13] - Global Markets saw a decrease in Net Operating Profits, down ¥40 billion YoY[3,19] Balance Sheet - Total Loans increased by ¥1 trillion from End Mar 25 to ¥224.7 trillion[26] - Total Deposits decreased by ¥5.4 trillion from End Mar 25 to ¥401 trillion[26] Asset Quality - Non-Performing Loans (NPL) ratio decreased from 1.11% to 1.05%[40] - Total Credit Costs decreased by ¥119.8 billion YoY from negative ¥166.7 billion to negative ¥46.9 billion[7,42] Investment Securities - Available-for-sale (AFS) securities balance is ¥55.14 trillion with unrealized gains of ¥2.32 trillion[44] - Held-to-maturity securities balance is ¥24.03 trillion[44]

Mitsubishi UFJ (MUFG) could be a solid choice for investors given its recent upgrade to a Zacks Rank #1 (Strong Buy). An upward trend in earnings estimates -- one of the most powerful forces impacting stock prices -- has triggered this rating change.The Zacks rating relies solely on a company's changing earnings picture. It tracks EPS estimates for the current and following years from the sell-side analysts covering the stock through a consensus measure -- the Zacks Consensus Estimate.Individual investors o ...

Here's a summary of the key points from the provided report, formatted as requested: Retail & Digital Business Group (R&D) - The Retail & Digital Business Group aims for double-digit ROE in the mid- to long-term by improving customer base and LTV (Life Time Value)[9] - The group aims to increase its customer share from 27% by expanding the Group customer base and improving multiple transaction usage rate[12] - MUFG launched a service brand "M-tto" to provide greater convenience and value to customers across different life stages[14] - The number of annual card issuance is expected to increase from 540,000 in FY24 to 1,000,000 in FY26[25] Commercial Banking & Wealth Management Business Group (CWM) - The Commercial Banking & Wealth Management Business Group targets approximately 15.5% ROE in FY26[50] - JPY deposit income increased from ¥30 billion in FY23 to ¥110 billion in FY24[52] - The group aims to increase the number of owner approach visits to 40,000 companies[52] - The group expects an increase of ¥7 billion in fee income from business strategy proposals[59] Japanese Corporate & Investment Banking Business Group (JCIB) - The Japanese Corporate & Investment Banking Business Group achieved the highest ROE of 14.5% and net operating profits of ¥559.7 billion in FY24 among all business groups[77] - The group aims to reduce equity holdings to ¥700 billion and less than 20% of total assets by the end of March 2027[86] - The group aims to increase non-recourse loan balance in the real estate field to 100 (FY24＝100) in FY26[89] Global Commercial Banking Business Group (GCB) - The Global Commercial Banking Business Group recorded an all-time high NOP in FY24[100] - Krungsri's domestic corporate loan increased by 5%[102, 105] - Bank Danamon's loan balance increased by ¥0.1 trillion[108] - The group aims to cover 1 in 4 of the ASEAN adult population with digital finance users in 10 years[131] Asset Management & Investor Services Business Group (AM/IS) - The Asset Management & Investor Services Business Group targets approximately 19% ROE in FY26[137] - The group aims to increase AuM to ¥200 trillion and AuA to ¥100 trillion by FY29[142]

Table of Contents As filed with the Securities and Exchange Commission on July 7, 2025 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition pe ...

Core Insights - Mitsubishi UFJ Financial Group (MUFG) has signed a Memorandum of Understanding with Curiosity Lab to enhance smart city systems through international collaboration and technology deployment [1][2] - The partnership aims to support innovative solutions in transportation and smart city technology, contributing to economic development in Peachtree Corners [2] - MUFG's global presence and regional office in Atlanta will facilitate real-world testing and access to smart infrastructure, positioning Curiosity Lab as a hub for innovation [3] Company Overview - MUFG is one of the largest global financial groups, headquartered in Tokyo, with a history spanning over 360 years and approximately 2,000 locations in more than 40 countries [3] - The group employs around 140,000 individuals and offers a wide range of financial services, including commercial banking, trust banking, and asset management [3] - MUFG aims to be "the world's most trusted financial group" by responding flexibly to customer needs and promoting sustainable growth [3] Regional Operations - MUFG's Americas operations are primarily organized under MUFG Bank, Ltd., focusing on Global Corporate and Investment Banking, Japanese Corporate Banking, and Global Markets [4] - The institution is recognized as one of the largest internationally headquartered financial entities in the Americas [4]

Core Insights - Mitsubishi UFJ Financial Group (MUFG) has announced a partnership with Stephanie Mawuli, a member of the Japanese Women's National Basketball Team, aimed at empowering young talent and promoting women's sports [1][4]. Group 1: Partnership Details - The partnership will commence in June 2025 and will involve Mawuli participating in various events organized by MUFG, including online and face-to-face events, social media engagements, and community outreach programs [3]. - Mawuli has represented Japan in both the 2021 Tokyo Olympics and the 2024 Paris Olympics, and currently plays for Casademont Zaragoza in Spain [2]. Group 2: Company Overview - MUFG is one of the largest global financial groups, with a history spanning over 360 years and a presence in more than 50 countries, operating approximately 2,100 locations [4]. - The company offers a wide range of services, including commercial banking, trust banking, securities, credit cards, consumer finance, asset management, and leasing [4][5]. - MUFG aims to be "the world's most trusted financial group" by responding flexibly to the financial needs of customers and fostering sustainable growth [4].

Group 1 - Mitsubishi UFJ Financial Group (MUFG) has closed a $600 million unsecured term loan to support Aircastle Limited, a premier aircraft lessor, for working capital and aircraft acquisitions through April 2030 [1][2] - The loan facility was oversubscribed, indicating strong market confidence in Aircastle's financial strength and its strategic relationships with banking partners [2] - Aircastle currently owns and manages 274 aircraft with a net book value of $7.9 billion, serving 77 lessees across 47 countries [5] Group 2 - MUFG acted as the Left Joint Lead Arranger and Administrative Agent for the loan, with participation from 18 banks, showcasing its strong position in the financial market [2] - The transaction was executed during a period of heightened market volatility, demonstrating MUFG's capability to navigate challenging conditions for its aviation clients [2] - Aircastle's focus on acquiring in-demand narrow-body aircraft is part of its strategy to grow its portfolio and provide efficient and sustainable solutions to global customers [2][5]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Japan's bond market is dominated by government and quasi - government bonds, and the scale of government debt has been continuously increasing, while the growth of corporate and individual debt may stagnate in the stage of population negative growth [5][15]. - The Bank of Japan is the most important investor in the Japanese bond market, holding nearly half of Japanese government bonds. Banks and insurance companies have a relatively high proportion of overseas bond holdings due to low domestic bond yields. Although Japan's government debt - to - GDP ratio is high, it has not experienced a currency crisis because most of its government bonds are held by domestic investors [17]. - Japan's stock funds have grown significantly, while the scale of fixed - income funds has nearly reached zero. When the 10 - year government bond yield is below 2%, the scale of bond funds starts to decline; when it is below 1.5%, the decline accelerates; when it is below 0.5%, the scale may gradually reach zero [1][99]. - In the low - interest - rate era, the indexation and ETF - ization of bond funds are major trends, and the fee rate shows a downward trend. Global bond funds may be a direction when domestic bond yields are low under the condition of free capital convertibility [1][101]. - China is in a low - interest - rate era. The development of domestic pure - bond funds may stagnate, and it is recommended to actively follow the trend of bond - fund indexation and ETF - ization, develop overseas bond funds, and strengthen the development of fixed - income plus funds [102][106]. 3. Summary According to Relevant Catalogs 3.1 Japan's Bond Market Structure's Long - term Changes 3.1.1 Japan's Economic Past and Present - After World War II, Japan's economy grew rapidly from 1961 - 1990, with an average real GDP growth rate of 6.2%. In the 1980s, Japan was world - leading in many fields. However, since the 1990s, due to the bursting of the real - estate and stock - market bubbles, Japan has entered a "lost era", with an average real GDP growth rate of only 0.7% from 1992 - 2024 [6]. - Japan's GDP was once very close to that of the United States in 1995, accounting for 72.6% of the US GDP. But by 2024, it was only 13.8% of the US GDP [7]. 3.1.2 Japan's Bond Market Structure Changes - Japan's bond types include government bonds, corporate bonds, financial bonds, etc. Government and quasi - government bonds are the main part of the bond market. As of the end of 2024, the balance of government and quasi - government bonds accounted for 92.3% of the total bond - market scale [9]. - Since 1998, the proportion of government and quasi - government bonds in the Japanese bond market has gradually increased from 64.1% to 92.3%. The scale of the Japanese bond market has been growing, but the scale of convertible bonds has nearly reached zero, reflecting the low financing demand of Japanese enterprises [9][14]. - Looking forward, the scale of Chinese government bonds may continue to increase, and the proportion of government bonds in the bond market may continue to rise [15]. 3.2 Japan's Bond Market Investor Structure Changes 3.2.1 Holders of Japanese Government Bonds - As of the end of 2023, the Bank of Japan held 47.9% of Japanese government bonds, followed by insurance companies, banks, pension funds, and overseas investors [18]. - The issuance term of Japanese government bonds is relatively long, with bonds with a term of 10 years and above accounting for 76.4% of the balance as of the end of 2023 [20]. 3.2.2 Bond Investment of Various Japanese Investors - The Bank of Japan is the core investor in Japanese government bonds. As of the end of 2024, it held 582.7 trillion yen of government bonds, accounting for 47.5% of the government - bond balance. The Bank of Japan's assets are mainly government bonds [22][28]. - Japanese financial institutions have a relatively high proportion of overseas bond holdings. As of March 2024, overseas bonds accounted for 37.6% of the bond investments of Japanese domestic banks and 25.2% of those of the insurance industry [29]. - The proportion of securities investment of Mitsubishi UFJ Bank has decreased significantly since 2013, which is related to the low bond yields in Japan. When the 10 - year government bond yield falls below 1%, the proportion of its securities investment decreases significantly [31][32]. - Japanese life - insurance companies invest a significant amount in Japanese government bonds and also have a relatively high proportion of overseas - securities investment. The Government Pension Investment Fund (GPIF) has a relatively high proportion of stock investment, with a 49.9% stock - investment ratio at the end of 2024 [39][40]. - Japanese retail government bonds have three main terms: 3, 5, and 10 years. The amount of government bonds held by individual investors has remained at a low level in recent years, which is related to the decline in government - bond yields [43]. 3.3 Japan's Public - Fund Industry's Seventy - year Development 3.3.1 Long - term Changes in Japan's Public - Fund Industry - Japan's public - fund industry has a history of more than 70 years. The earliest securities investment trust appeared in 1937, and the legal basis for modern securities investment trust was established in 1951. The earliest open - end stock investment fund was established in 1952, and the earliest bond fund was established in 1961 [53]. - The development of Japan's public funds can be divided into four stages: the start - up stage (before 1971), the booming development stage (1972 - 1989), the stock - fund downturn stage (1990 - 1997), and the stock - fund maturity stage (after 1997). As of the end of 2024, the total scale of Japanese public funds reached a record high of 246 trillion yen, with stock funds accounting for the majority [54][55][56]. 3.3.2 Structure Evolution and Investment Direction of Japan's Stock Funds - Japan's stock funds can invest in both domestic and overseas bonds and stocks. The scale of bonds invested by stock funds was once higher than that of stocks, but since 2012, the proportion of bond investment has decreased significantly [60]. - As of the end of 2024, Japanese stock funds held 10.1 trillion yen of domestic stocks, accounting for 10.2% of the total market value of the Japanese stock market. The top three industries with increased investment proportions from 2011 - 2024 were electrical appliances, services, and retail, while the top three with decreased proportions were automobiles, chemicals, and glass and ceramics [64]. - The proportion of bond investment by Japanese stock funds is closely related to the stock - market situation and bond - yield levels. As of the end of 2024, the bond - investment proportion of Japanese stock funds was only 8.0% [66]. - Since 2013, the scale of Japanese stock funds has increased significantly, which is closely related to the rise of the stock market and the development of ETFs. As of the end of 2024, the scale of ETFs in stock funds accounted for 38.8% [68]. 3.3.3 Evolution of Japan's Fixed - Income Funds - Japan's fixed - income funds are mainly divided into money funds (MMF), long - term bond funds, medium - term government - bond funds, domestic - and - foreign - bond funds, and money reserve funds (MRF). Currently, the scale of money funds, medium - term government - bond funds, and domestic - and - foreign - bond funds has reached zero [71]. - The scale of Japanese money funds reached zero in 2017 due to the Bank of Japan's unconventional monetary - easing policies and negative interest rates [75]. - The scale of Japanese bond funds has decreased significantly. As of the end of 2024, the scale of long - term bond funds was only 0.45 trillion yen, and the fixed - income funds are mainly MRF, with a scale of 15.3 trillion yen [71][84]. 3.3.4 Competition Pattern of Japanese Asset - Management Institutions - As of the end of 2024, there were hundreds of asset - management institutions in Japan, including 80 public - asset - management companies. The total management scale of public - asset - management institutions was 380 trillion yen, with public - fund scale at 246 trillion yen [90]. - Nomura Asset Management dominates the market, and the top five public - fund institutions account for nearly 70% of the market share. The indexation and ETF - ization characteristics of Japanese stock funds are obvious, and the average fee rate of public funds is in a downward trend [91][95][97]. 3.4 Enlightenment from the Development of Japanese Fixed - Income Funds 3.4.1 Enlightenment from the Development of Japanese Fixed - Income Funds - When the 10 - year government - bond yield is below 0.5%, the development of fixed - income funds may reach an end. The current main part of Japanese fixed - income funds is MRF, which is less sensitive to yield [98][100]. - If capital is freely convertible, global bond funds may be a direction when domestic bond yields are low. However, the total scale of Japanese bond funds investing in overseas bonds is not large due to exchange - rate risks and hedging costs [100]. - In a low - interest - rate environment, the indexation and ETF - ization of bond funds are major trends, and the fee rate shows a downward trend [101]. 3.4.2 Where Do Bond Funds Go in the Low - Interest - Rate Era? - China is in a low - interest - rate era, and the development of domestic pure - bond funds may stagnate. It is recommended to actively follow the trend of bond - fund indexation and ETF - ization, develop overseas bond funds, and strengthen the development of fixed - income plus funds [102][106][109]. - In the low - interest - rate era, bond - fund indexation and ETF - ization are major trends. Nomura Asset Management has many bond ETFs and index funds. China's fund companies can actively layout bond - segment index funds or ETFs [109][112]. - Fund companies are advised to actively obtain QDII quotas and vigorously layout overseas - bond investments [117]. - Fixed - income plus funds still have broad development space and can be further segmented, and the scope of plus - assets can be expanded [118].