# Tokyu Fudosan Holdings Corporation: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第13期(2025/04/01－2026/03/31) (S100YHXW)
> Page: https://vizora.meequs.com/en/company/tokyu-fudosan-holdings
> Retrieved: 2026-09-30T19:57:44.590Z

## Company

Tokyu Fudosan Holdings, founded in 2013, is a company in Electric Power & Gas listed on TSE Prime. It has 21,036 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Tokyu Fudosan Holdings Corporation |
| Ticker | 3289 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3289.T) |
| Listing | TSE Prime |
| Head office | 東京都渋谷区道玄坂一丁目21番1号 |
| Representative (per filing) | 代表取締役社長 星野 浩明 |
| Founded | Oct 2013 |
| Share capital | ¥77.6B |
| Employees (consolidated) | 21,036 |
| Average salary (parent only) | ¥13.2M |
| Fiscal year end | March |
| Website | www.tokyu-fudosan-hd.co.jp (https://www.tokyu-fudosan-hd.co.jp/) |
| Corporate number | 2011001096933 |
| EDINET | E27633 |
| Industries (Vizora) | Electric Power & Gas, Real Estate Development & Leasing, Real Estate Brokerage & Management |

> Profile source: annual securities report (S100YHXW, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Real Estate Development & Leasing (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 31.3 | 75 |
| Profitability | 63.4 | 86 |
| Cash conversion | 54.3 | 82 |
| Efficiency | 33.1 | 86 |
| Financial strength | 12.2 | 37 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 32% of Tokyu Fudosan Holdings's sales come from Urban Development, with Real Estate Agents and Property Management and Operation making up much of the rest.
- Out of every ¥100 of sales, about ¥13 is left as operating profit.
- Revenue changed +8.3% from the prior year, operating profit +18.6%.

## Company structure

- Segment revenue mix: Urban Development 31.9%、Real Estate Agents 28.6%、Property Management and Operation 28.1%、Strategic Investment 11.3%
- Revenue → net income: ¥1246048000000 → ¥98422000000
- Net income → operating cash flow: ¥98422000000 → ¥129480000000（difference ¥31058000000）
- Main uses of operating cash flow: CapEx ¥102014000000 / dividends ¥29871000000 / buybacks —
- Change in cash: ¥21891000000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥1.25T |  |
| Operating income | ¥166.9B | Margin 13.4% |
| Net income | ¥96.7B | Margin 7.8% |
| Free cash flow | ¥27.5B |  |
| Largest business | Urban Development | of segment revenue 31.9% |
| Employees (consolidated) | 21,036 |  |
| EPS | ¥55.38 |  |
| Book value per share | ¥453.38 |  |
| Equity ratio | 26.3% |  |
| Shares outstanding | 719,830,974 |  |
| Treasury shares | 70,400 |  |
| Shareholders | 141,362 |  |
| Average salary (parent only) | ¥13.2M | Filing company only |
| Cash ratio | 5.3% | Net cash -¥1.64T · Cash ÷ revenue 14.5% |
| Vs. industry median margin | +2.9 pp | Real Estate Development & Leasing |
| ROE | 12.7% | Derived from disclosed figures |
| ROA | 2.9% | Derived from disclosed figures |

## Notable figures

- FY2026, parent-company salary changed +25% over five years
- FY2026, employees -4% while operating income rose 19%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥907735000000 | ¥1246048000000 | +37.3% |
| Operating income | ¥56517000000 | ¥166882000000 | +195.3% |
| Operating margin | 6.2% | 13.4% | +7.2 pp |
| Employees | 23,411 people | 21,036 people | -10.1% |
| Cash and equivalents | ¥189509000000 | ¥180546000000 | -4.7% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 都市開発 → 都市開発 | 22.6% |
| 戦略投資 → 戦略投資 | 3.3% |
| 住宅 → 事業再編・廃止 | 10.5% |
| 管理 → 事業再編・廃止 | 12.3% |
| 管理運営 → 管理運営 | 24.4% |
| 不動産流通 → 不動産流通 | 15.1% |
| ウェルネス → 事業再編・廃止 | 6.3% |
| ハンズ → 事業再編・廃止 | 4.5% |
| 次世代・関連 → 事業再編・廃止 | 1.1% |
| 新設・再編 → 都市開発 | 9.3% |
| 新設・再編 → 戦略投資 | 8.0% |
| 新設・再編 → 管理運営 | 3.7% |
| 新設・再編 → 不動産流通 | 13.6% |

Segment revenue source references: 13 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Urban Development | 5 years | +4.9% | ¥397351000000 | 18.9% | 2 |
| Real Estate Agents | 5 years | +11.3% | ¥356804000000 | 18.0% | 2 |
| Property Management and Operation | 5 years | +0.7% | ¥350587000000 | 7.8% | 2 |
| Strategic Investment | 5 years | +25.1% | ¥141303000000 | 9.4% | 2 |

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,246,048 | 100.0% | S100YHXW |
| SG&A | 118,609 | 9.5% | S100YHXW |
| Operating income | 166,882 | 13.4% | S100YHXW |
| Ordinary income | 147,803 | 11.9% | S100YHXW |
| Pretax income | 147,134 | 11.8% | S100YHXW |
| Income tax | 48,711 | 3.9% | S100YHXW |
| Net income | 98,422 | 7.9% | S100YHXW |
| Net income attributable to owners | 96,697 | 7.8% | S100YHXW |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Operating expenses | 87 |
| Operating income | 13 |
| (Ref.) Net income | 8 |

### Margin funnel

Operating margin 13.4% → Net margin 7.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +8.3%; Core profit growth: +18.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.23×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,150,301 | 1,246,048 | 95,747 | +8.3% |
| Operating income | 140,763 | 166,882 | 26,119 | +18.6% |
| Net income attributable to owners | 77,562 | 96,697 | 19,135 | +24.7% |
| Operating cash flow | 47,426 | 129,480 | 82,054 | +173.0% |
| Free cash flow | -23,103 | 27,466 | 50,569 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 963,198 | 79,312 | 8.2% | 38,611 | -6,660 | -142,907 | S100LQPV |
| FY ending Mar 2021 | 907,735 | 56,517 | 6.2% | 21,668 | 100,411 | 143 | S100OHZR |
| FY ending Mar 2022 | 989,049 | 83,817 | 8.5% | 35,133 | 76,453 | 30,190 | S100R64J |
| FY ending Mar 2023 | 1,005,836 | 110,410 | 11.0% | 48,227 | 94,739 | 10,114 | S100TSX7 |
| FY ending Mar 2024 | 1,103,047 | 120,238 | 10.9% | 68,545 | 156,465 | -88,850 | S100W5WX |
| FY ending Mar 2025 | 1,150,301 | 140,763 | 12.2% | 77,562 | 47,426 | -23,103 | S100YHXW |
| FY ending Mar 2026 | 1,246,048 | 166,882 | 13.4% | 96,697 | 129,480 | 27,466 | S100YHXW |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥59.2M |
| Operating income per employee (consolidated) | ¥7.9M |
| Net income per employee (consolidated) | ¥4.6M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 21,276 | 21,614 | 21,170 | 21,898 | 21,036 |
| Average salary (parent company) | ¥10.6M | ¥10.3M | ¥11.1M | ¥12.8M | ¥13.2M |
| Average age (parent company) | 43.4 years | 42.3 years | 42.0 years | 42.8 years | 42.8 years |
| Average tenure (parent company) | 15.6 years | 14.3 years | 14.3 years | 15.1 years | 15.3 years |

Year over year: Employees (consolidated) -3.9% · Revenue (consolidated) +8.3%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Urban Development | 397,351 | 31.9% | 75,235 | 18.9% |
| Strategic Investment | 141,303 | 11.3% | 13,242 | 9.4% |
| Property Management and Operation | 350,587 | 28.1% | 27,178 | 7.8% |
| Real Estate Agents | 356,804 | 28.6% | 64,378 | 18.0% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Urban Development | 31.9% | 41.8% | 9.9 | 18.9% |
| Strategic Investment | 11.3% | 7.4% | -4.0 | 9.4% |
| Property Management and Operation | 28.1% | 15.1% | -13.0 | 7.8% |
| Real Estate Agents | 28.6% | 35.8% | 7.1 | 18.0% |

Segment → industry: Strategic Investment → Electric Power & Gas / Strategic Investment → Real Estate Development & Leasing / Urban Development → Real Estate Development & Leasing / Real Estate Agents → Real Estate Brokerage & Management / Property Management and Operation → Real Estate Brokerage & Management

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 129,480 | 10.4% | S100YHXW |
| Capital expenditure | 102,014 | 8.2% | S100YHXW |
| Free cash flow | 27,466 | 2.2% | 算出 |
| Investing cash flow | -164,465 | -13.2% | S100YHXW |
| Financing cash flow | 55,843 | 4.5% | S100YHXW |
| Dividends paid | 29,871 | 2.4% | S100YHXW |
| Change in cash | 21,891 | 1.8% | S100YHXW |
| Cash and equivalents | 180,546 | 14.5% | S100YHXW |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 153,865 | 170,649 | 246,248 | 157,468 | 180,546 | S100TSX7, S100W5WX, S100YHXW |
| Total assets | 2,634,343 | 2,738,458 | 3,030,751 | 3,254,722 | 3,419,052 | S100R64J, S100TSX7, S100W5WX, S100YHXW |
| Net assets | 643,298 | 700,702 | 771,900 | 842,054 | 916,600 | S100TSX7, S100W5WX, S100YHXW |
| Share capital | 77,562 | 77,562 | 77,562 | 77,562 | 77,562 | S100R64J, S100TSX7, S100W5WX, S100YHXW |
| Property, plant and equipment | 1,093,431 | 1,066,456 | 1,094,687 | 1,225,600 | 1,245,450 | S100R64J, S100TSX7, S100W5WX, S100YHXW |
| Intangible assets excluding goodwill | 108,216 | 105,880 | 83,502 | 101,709 | 98,666 | S100R64J, S100TSX7, S100W5WX, S100YHXW |
| Goodwill | 60,734 | 53,412 | 43,498 | 53,413 | 49,269 | S100R64J, S100TSX7, S100W5WX, S100YHXW |
| Investment securities | 246,373 | 295,496 | 332,955 | 354,713 | 398,533 | S100R64J, S100TSX7, S100W5WX, S100YHXW |
| Current assets | 1,036,951 | 1,115,603 | 1,359,185 | 1,374,745 | 1,476,048 | S100R64J, S100TSX7, S100W5WX, S100YHXW |
| Current liabilities | 438,774 | 406,090 | 508,068 | 621,260 | 525,511 | S100R64J, S100TSX7, S100W5WX, S100YHXW |
| Trade payables | 43,900 | 41,847 | 69,633 | 52,852 | 56,412 | S100R64J, S100TSX7, S100W5WX, S100YHXW |
| Short-term borrowings | 158,469 | 156,431 | 147,284 | 234,215 | 206,142 | S100R64J, S100TSX7, S100W5WX, S100YHXW |
| Long-term borrowings | 983,249 | 1,046,501 | 1,152,839 | 1,201,771 | 1,279,592 | S100R64J, S100TSX7, S100W5WX, S100YHXW |
| Bonds | 260,000 | 270,000 | 270,000 | 241,508 | 331,050 | S100R64J, S100TSX7, S100W5WX, S100YHXW |
| Interest-bearing debt | 1,401,718 | 1,472,932 | 1,570,123 | 1,677,494 | 1,816,784 | 算出 |
| Total liabilities | 1,991,044 | 2,037,755 | 2,258,850 | 2,412,667 | 2,502,451 | S100R64J, S100TSX7, S100W5WX, S100YHXW |
| Non-controlling interests | 11,503 | 16,071 | 21,751 | 19,528 | 18,517 | S100R64J, S100TSX7, S100W5WX, S100YHXW |
| Equity attributable to owners of parent | 600,791 | 629,228 | 678,996 | 731,412 | 788,423 | S100R64J, S100TSX7, S100W5WX, S100YHXW |
| Retained earnings | 356,986 | 392,461 | 440,492 | 493,592 | 560,356 | S100R64J, S100TSX7, S100W5WX, S100YHXW |
| Treasury stock | -341 | -6,502 | -4,764 | -3,040 | -8,432 | S100R64J, S100TSX7, S100W5WX, S100YHXW |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 5% | S100YHXW |
| Property, plant and equipment | 37% | S100YHXW |
| Intangibles and goodwill | 4% | S100YHXW |
| Investment securities | 12% | S100YHXW |
| Other assets | 42% | S100YHXW |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100YHXW |
| Interest-bearing debt | 53% | 算出 |
| Other liabilities | 18% | S100YHXW |
| Equity | 27% | S100YHXW |
| Other liabilities | 0% | S100YHXW |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 2,634,343 | 2,738,458 | 3,030,751 | 3,254,722 | 3,419,052 |
| Equity | 643,298 | 700,702 | 771,900 | 842,054 | 916,600 |
| Interest-bearing debt | 1,401,718 | 1,472,932 | 1,570,123 | 1,677,494 | 1,816,784 |
| Cash | 153,865 | 170,649 | 246,248 | 157,468 | 180,546 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 100.0% | S100YHXW |
| Fixed assets ÷ total assets | 36.4% | S100YHXW |
| Goodwill ÷ parent equity | 6.2% | S100YHXW |

Goodwill over 4 years: 60,734 → 49,269 JPY; total investing cash flow: -634,481 JPY. This does not imply causation.

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 5.3% |
| Cash ÷ revenue | 14.5% |
| Net cash (cash − interest-bearing debt) | -¥1.64T |
| Net debt ÷ operating cash flow | 12.64× |
| Cash conversion (operating CF ÷ operating income) | 77.6% |
| Cash vs. profit gap | 32,783 JPY mn (of net income 33.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 30.9% |
| Shareholder payments — dividends / FCF | 108.8% |
| CapEx intensity (capex ÷ revenue) | 8.2% |
| Investing CF relative to operating CF | 127.0% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 3.6% | 0.38× | 1.3% | 4.38× | 5.8% | S100R64J |
| 2023 | 4.8% | 0.37× | 1.8% | 4.37× | 7.8% | S100TSX7 |
| 2024 | 6.2% | 0.38× | 2.4% | 4.41× | 10.5% | S100W5WX |
| 2025 | 6.7% | 0.37× | 2.5% | 4.46× | 11.0% | S100YHXW |
| 2026 | 7.8% | 0.37× | 2.9% | 4.39× | 12.7% | S100YHXW |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 東急株式会社 | Major shareholder | 15.9% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 14.1% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 7.2% | 2026-03-31 |
| 東急不動産ホールディングス従業員持株会 | Major shareholder | 2.0% | 2026-03-31 |
| 第一生命保険株式会社 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 1.7% | 2026-03-31 |
| 三井住友信託銀行株式会社 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 1.7% | 2026-03-31 |
| ステート ストリート バンク アンド トラスト カンパニー ５０５００１ （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.6% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口４） | Major shareholder | 1.2% | 2026-03-31 |
| ジェーピー モルガン チェース バンク ３８５７８１ （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.2% | 2026-03-31 |
| ビ－エヌワイエム アズ エ－ジ－テイ クライアンツ ノン トリーテイー ジヤスデツク （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 1.2% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Mar 2026 was ¥1.25T, up +8.3% from ¥1.15T.
- Operating income reached ¥166.9B (+18.6%) and net income attributable to owners ¥96.7B (+24.7%).
- Operating cash flow jumped to ¥129.5B (+173.0%), and free cash flow turned positive at ¥27.5B after a negative year.

### Drivers

- A firm property market lifted sales of buildings to investors
- Brokerage did well as the number and value of deals handled went up
- Occupancy improved at offices and retail properties, mainly in the greater Shibuya area

### Risks

- The company funds development largely with borrowing, so higher interest rates or a sharp fall in share prices could hit results
- The economy, property prices and competitors can squeeze margins in development and investment, or lower the value of the assets it owns
- Climate change is a concern: less snow hurts its ski resorts, and extreme weather can damage buildings or delay construction

Cited: Annual Securities Report, 13th fiscal period (Apr 2025 - Mar 2026) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report, 13th fiscal period (Apr 2025 - Mar 2026) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第13期(2025/04/01－2026/03/31) | S100YHXW | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHXW,, |
| 有価証券報告書－第12期(2024/04/01－2025/03/31) | S100W5WX | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5WX,, |
| 有価証券報告書－第11期(2023/04/01－2024/03/31) | S100TSX7 | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSX7,, |
| 有価証券報告書－第10期(2022/04/01－2023/03/31) | S100R64J | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R64J,, |
| 有価証券報告書－第9期(令和3年4月1日－令和4年3月31日) | S100OHZR | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OHZR,, |
| 有価証券報告書－第8期(令和2年4月1日－令和3年3月31日) | S100LQPV | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQPV,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).