---
endpoint: analytics
pattern: Autos
status: done
latency_ms: 141385
conversation_id: 090c2e8e-833c-4e63-bd1a-3f64fcee4024
citations: 6
created: 2026-05-31 18:18:01Z
---

# Who are the key shareholders of Toyota Motor?

# Toyota Motor Corporation (7203 JP) — Key Shareholders

## Source of Record
Toyota's common stock register as of **March 31, 2025** shows **15,794,987,460 shares issued** (of which 2,746,057,686 are treasury stock; 13,048,929,774 outstanding) [3]. The breakdown below comes from Toyota's most recent Business Report for the fiscal year ended March 31, 2025 and the FY2025 20-F filing [1][3].

## Top 10 Registered Shareholders (as of March 31, 2025)

| # | Shareholder | Shares (000s) | % of Outstanding |
|---|---|---|---|
| 1 | **The Master Trust Bank of Japan, Ltd.** (trust/custody) | 1,805,605 | **13.84%** [1] |
| 2 | **Toyota Industries Corporation** (Toyota Group cross-holder, parent of group origin) | 1,192,331 | **9.14%** [1] |
| 3 | **Custody Bank of Japan, Ltd.** (trust/custody) | 811,647 | **6.22%** [2] |
| 4 | **Nippon Life Insurance Company** | 633,221 | **4.85%** [2] |
| 5 | **State Street Bank and Trust Company** (standing proxy: Mizuho Bank) | 572,148 | **4.38%** [2] |
| 6 | **JPMorgan Chase Bank, N.A.** (standing proxy: Mizuho Bank) | 549,099 | **4.21%** [2] |
| 7 | **DENSO Corporation** (Toyota Group affiliate / supplier) | 449,576 | **3.45%** [2] |
| 8 | **The Bank of New York Mellon** (ADR depositary; standing proxy: SMBC) | 335,788 | **2.57%** [2] |
| 9 | **Toyota Fudosan Co., Ltd.** (Toyota Group real estate vehicle) | 249,754 | **1.91%** [2] |
| 10 | **Mitsui Sumitomo Insurance Company, Limited** | 204,172 | ~1.56% [2] |

Note: The 20-F reports Toyota Industries' beneficial ownership slightly higher at **9.16%** as of March 31, 2025, reflecting the SEC's beneficial-ownership lens (which includes shares held through subsidiaries) versus the strict registered-holder count used in Japan's Business Report (9.14%) [4].

## Shareholder Composition by Investor Type
From the FY2025 Business Report, the breakdown (after deducting treasury stock) is [1]:
- **Financial institutions / brokerages: 36.54%**
- **Foreign corporate entities and others: 24.86%**
- **Other corporate entities: 24.80%** (includes Toyota Group cross-holdings — Toyota Industries, DENSO, Toyota Fudosan)
- **Individuals etc.: 13.80%**

## Three Categories of "Key" Shareholders (interpretive)

**1. Trust/custody banks (the largest reported holders, but nominee accounts).**
Master Trust Bank of Japan (13.84%) and Custody Bank of Japan (6.22%) are domestic trust banks that hold shares on behalf of underlying pension funds, mutual funds, and index trackers — they are nominee record-holders, not economic owners [1][2]. Combined, these two trust banks hold ~20% of TMC.

**2. Toyota Group cross-shareholders (strategic / "stable" holders).**
- **Toyota Industries Corporation** — 9.14–9.16% [1][4]
- **DENSO Corporation** — 3.45% [2]
- **Toyota Fudosan** — 1.91% [2]
These intra-group holdings have historically functioned as the "control anchor" of the Toyota Group.

**3. Foreign custodian/ADR nominee holders (proxies for foreign institutional investors).**
- State Street Bank and Trust — 4.38% [2]
- JPMorgan Chase Bank N.A. — 4.21% [2]
- BNY Mellon (ADR depositary) — 2.57% [2]

## Critical Forward-Looking Change: Toyota Industries Privatization

The shareholder register is in the middle of a structural change that will dissolve part of the cross-shareholding ring:

- **June 3, 2025**: TMC, Toyota Industries, and Toyota Fudosan announced a plan to take Toyota Industries private via a tender offer by a Toyota Fudosan-established SPV (Toyota Industries' Offeror) [4]. The transaction structure includes (i) the tender offer for Toyota Industries (ex-TMC's stake), (ii) TMC investing ¥706 billion in non-voting preferred stock of the parent company at an 8.6% preferred dividend, (iii) **TMC conducting a tender offer for its OWN shares (up to 1,192,331,020 shares — i.e., the exact number Toyota Industries has agreed to tender to Toyota Fudosan)**, (iv) retiring 1.2 billion treasury shares, and (v) a Toyota Industries Share Repurchase to extinguish TMC's stake in Toyota Industries [5].
- **March 24, 2026**: Toyota Fudosan completed the tender offer for Toyota Industries shares; a squeeze-out and TMC's sale of its remaining Toyota Industries holdings are expected to complete in FY2027 [6].

**Implication**: After the squeeze-out and TMC's own-share tender (offer price ¥3,067; 1,192,330,962 shares) settle in FY2027, **Toyota Industries' 9.14% stake in TMC will effectively be neutralized** (the equivalent TMC shares will be repurchased and retired), and TMC will simultaneously exit its stake in Toyota Industries. **Toyota Fudosan and Akio Toyoda (TMC Chairman) personally become the controlling shareholders of Toyota Industries** [5]. This is the most consequential change to Toyota's shareholder structure in decades — it consolidates economic control of the broader Toyota Group around Toyota Fudosan/the Toyoda family, while reducing the visible Toyota Group cross-holding in TMC itself.

## Notes on Interpretation
- **Trust banks ≠ economic owners.** Master Trust Bank of Japan and Custody Bank of Japan are nominee holders for pooled accounts; the ultimate beneficial owners (BlackRock, Vanguard, Japanese GPIF/pension funds, etc.) are not visible in the registered shareholder table. Outside disclosures (5% beneficial-ownership "large-shareholding reports" under Japan's FIEA) would be required to identify them; these were not retrieved in this search and would require querying separate filings to detail.
- **State Street, JPMorgan, BNY Mellon** in the table are likewise standing-proxy nominees holding shares on behalf of foreign institutional clients and ADR holders, not principal investors [2].
- The 20-F discloses there were **1,184,935 holders of common stock worldwide** as of March 31, 2025, with U.S. holders of record (563) representing ~11.1% of issued shares [3].

---
**Sources**
[1] Toyota Motor Corporation Business Report — Fiscal Year ended March 31, 2025 (6-K body) — Major Shareholders table
[2] Toyota Motor Corporation Business Report / Toyota Group Vision (6-K body, FY2025) — Major Shareholders detail
[3] Toyota Motor Corporation — FY2025 Annual Report on Form 20-F, Item 7.A Major Shareholders (filing date 2025)
[4] Toyota Motor Corporation — FY2025 Form 20-F, Recent Developments (Toyota Industries) — Toyota Industries owns 9.16% of TMC common stock
[5] Toyota Motor Corporation — FY2025 Form 20-F, Contemplated Transactions (Toyota Industries privatization structure)
[6] Toyota Motor Corporation — Q4 FY2026 Financial Summary (annual_report) — completion of Toyota Fudosan tender offer for Toyota Industries on March 24, 2026

## Citations

- [1] **2025 6-K Toyota Motor Corporation** · external
- [2] **2025 6-K Toyota Motor Corporation** · external
- [3] **FY 2025 Toyota Motor Corporation** · external
- [4] **FY 2025 Toyota Motor Corporation** · external
- [5] **FY 2025 Toyota Motor Corporation** · external
- [6] **Toyota Motor Corporation, Q4 2026 Report** · external

