SecProbe.io

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

       DIVISION OF
CORPORATION FINANCE

March 29, 2010

By U.S. Mail and Facsimile to:  813-44-96-62-02

Mr. Hiroshi Saito Chief Financial Officer Mitsubishi UFJ Financial Group, Inc. 7-1, Marunouchi 2-chome Chiyoda-ku, Tokyo 100-8330 Japan  Dear Mr. Saito:
As a follow-up to our previous comment letter dated March 15, 2010, and in an
effort to better understand the decisions you made in determining the accounting for certain of your repurchase agreements, securities lending transactions, or other transactions involving the transfer of financial assets with an obligation to repurchase the transferred assets, we ask that you provide us with information relating to those decisions and your disclosure.
With regard to your repurchase agreements, please tell us whether you account for
any of those agreements as sales for accounting purposes in your financial statements. If you do, we ask that you:

• Quantify the amount of repurchase agreements qualifying for sales accounting at each quarterly balance sheet date for each of the past three years.
• Quantify the average quarterly balance of repurchase agreements qualifying for sales accounting for each of the past three years.

• Describe all
 the differences in transaction terms that result in certain of your
repurchase agreements qualifying as sales versus collateralized financings.

• Provide a detailed analysis supporting your use of sales accounting for your
repurchase agreements.

• Describe the business reasons for structuring the repurchase agreements as sales
transactions versus collateralized financings.  To the extent the amounts accounted

Mr. Hiroshi Saito
Mitsubishi UFJ Financial Group, Inc.
March 29, 2010 Page 2
for as sales transactions have varied over the past three years, discuss the reasons for quarterly changes in the amounts qualifying for sales accounting.

• Describe how your use of sales accounting for certain of your repurchase agreements
impacts any ratios or metrics you use publicly, provide to analysts and credit rating agencies, disclose in your filings with the SEC, or provide to other regulatory agencies.

• Tell us whether the repurchase agreements qualifying for sales accounting are
concentrated with certain counterparties and/or concentrated within certain countries.  If you have any such concentrations, please discuss the reasons for them.

• Tell us whether you have changed your original accounting on any repurchase
agreements during the last three years.  If you have, explain specifically how you determined the original accounting as either a sales transaction or as a collateralized financing transaction noting the specific facts and circumstances leading to this determination.  Describe the factors, events or changes which resulted in your changing your accounting and describe how the change impacted your financial statements.

For those repurchase agreements you account for as collateralized financings,
please quantify the average quarterly balance for each of the past three years.  In addition, quantify the period end balance for each of those quarters and the maximum balance at any month-end.  Explain the causes and business reasons for significant variances among these amounts.
In addition, please tell us:
• Whether you have any securities lending transactions that you account for as sales pursuant to the guidance in ASC 860-10.  If you do, quantify the amount of these transactions at each quarterly balance sheet date for each of the past three years.  Provide a detailed analysis supporting your decision to account for these securities lending transactions as sales.

• Whether you have any other transactions involving the transfer of financial assets
with an obligation to repurchase the transferred assets, similar to repurchase or securities lending transactions that you account for as sales pursuant to the guidance in ASC 860.  If you do, describe the key terms and nature of these transactions and quantify the amount of the transactions at each quarterly balance sheet date for the past three years.
• Whether you have offset financial assets and financial liabilities in the balance sheet where a right of setoff – the general principle for offsetting – does not exist.  If you have offset financial assets and financial liabilities in the balance sheet where a right of setoff does not exist, please identify those circumstances, explain the basis for your

Mr. Hiroshi Saito
Mitsubishi UFJ Financial Group, Inc.
March 29, 2010 Page 3
presentation policy, and quantify the gross amount of the financial assets and financial liabilities that are offset in the balance sheet.  For example, please tell us whether you have offset securities owned (long positions) with securities sold, but not yet purchased (short positions), along with any basis for your presentation policy and the related gross amounts that are offset.

Finally, if you accounted for repurchase agreements, securities lending
transactions, or other transactions involving the transfer of financial assets with an obligation to repurchase the transferred assets as sales and did not provide disclosure of those transactions in your Management’s Discussion and Analysis, please advise us of the basis for your conclusion that disclosure was not necessary and describe the process you undertook to reach that conclusion.  We refer you to paragraphs (a)(1) and (a)(4) of Item 303 of Regulation S-K.
As noted above, we seek to better understand the basis for your decisions and
your disclosure.  This letter is not in response to any filing you have made with us and we may provide you with a separate letter with comments on your filings with us as part of our regular disclosure review and comment process.  Your response to this letter is voluntary; you are under no obligation to provide us with this information.  We ask that you provide us with a written response to these questions within ten business days from the date of this letter or tell us when you expect to respond.  Upon our review of any response to these questions, we may review and have comments on your filings.
You may contact me at (202) 551-3492 if you have questions.
   Sincerely,

   John P. Nolan
          Senior Assistant Chief Accountant

Mr. Hiroshi Saito
Mitsubishi UFJ Financial Group, Inc. March 29, 2010 Page 4