Positive, driven by digital transformation, integration of digital services, and rising domestic interest rates in Japan.

Strong, supported by robust domestic corporate demand, M&A advisory monetization, and equity-method contributions from Morgan Stanley.

Continued growth in net operating profits is expected for the Japanese Corporate & Investment Banking business group, supported by rising domestic yen interest rates, improving lending spreads with large corporates, and sustained solution/fee income, following strong year-over-year growth through FY2025.

GCB's outlook is supported by MUFG's expanding Asia platform: the completed investment for a 20% stake in India's Shriram Finance (April 2026) adds exposure to India's MSME and retail markets, complementing existing platforms such as Krungsri (Thailand) and Bank Danamon (Indonesia), and contributing to MUFG's FY2026 group targets of ¥2.9 trillion in net operating profits and ¥2.7 trillion in net income.

For the Asset Management & Investor Services Business Group, MUFG aims to achieve net operating profits of JPY 145 billion in FY2026 (the final year of the Medium-Term Business Plan), representing a JPY 35 billion increase compared to FY2023, while maintaining ROE at the FY2023 level.

For the Global Markets Business Group, MUFG aims to achieve net operating profits of JPY 350 billion by FY2026 (representing a JPY 95 billion increase compared to FY2023) and achieve an ROE of 9% after amortization.