Mitsubishi UFJ Financial Group, known as MUFG, is Japan’s largest banking group. It is also the most global among Japanese banks in terms of the contribution of overseas operations to profits and balance sheet, driven in part by its 24% stake in Morgan Stanley. In fact, we expect Morgan Stanley to contribute 25% of MUFG's fiscal 2026 net income, which is consistent with the past 10 years. In Southeast Asia, Krungsri (the third-largest bank in Thailand, 77% owned by MUFG) contributes around 10% of total profit, while MUFG also owns Indonesia’s Bank Danamon and roughly 20% stakes in banks in the Philippines and Vietnam. MUFG recently acquired a 20% stake in Indian micro-finance lender Shriram Finance for JPY 707 billion.