{
  "commentary": "- FY15時点では森永製菓10.54%を筆頭に、みずほ銀行・三菱東京UFJ銀行・信託銀行口・従業員持株会が並ぶ親密企業＋邦銀型の構造だった。\n- FY20を境に森永製菓は2.1%へ大幅縮減し、日本マスタートラスト信託銀行が14.49%まで集中、DBSバンク・JPモルガン等の外国法人口も上位に並ぶ機関投資家中心の構造へ転換している。",
  "shareholders": [
    {
      "FY": "FY15",
      "period": "2016/3",
      "rank": 1,
      "name": "森永製菓株式会社",
      "shareholding_ratio": 10.54,
      "shares_held": 26248000
    },
    {
      "FY": "FY15",
      "period": "2016/3",
      "rank": 2,
      "name": "日本マスタートラスト信託銀行株式会社(信託口)",
      "shareholding_ratio": 5.31,
      "shares_held": 13209000
    },
    {
      "FY": "FY15",
      "period": "2016/3",
      "rank": 3,
      "name": "株式会社みずほ銀行",
      "shareholding_ratio": 4.91,
      "shares_held": 12228000
    },
    {
      "FY": "FY15",
      "period": "2016/3",
      "rank": 4,
      "name": "日本トラスティ・サービス信託銀行株式会社 (信託口)",
      "shareholding_ratio": 4.59,
      "shares_held": 11434000
    },
    {
      "FY": "FY15",
      "period": "2016/3",
      "rank": 5,
      "name": "株式会社三菱東京ＵＦＪ銀行",
      "shareholding_ratio": 2.79,
      "shares_held": 6942000
    },
    {
      "FY": "FY15",
      "period": "2016/3",
      "rank": 6,
      "name": "日本トラスティ・サービス信託銀行株式会社 (三井住友信託銀行再信託分・株式会社三井住友銀行退職給付信託口)",
      "shareholding_ratio": 2.67,
      "shares_held": 6644000
    },
    {
      "FY": "FY15",
      "period": "2016/3",
      "rank": 7,
      "name": "森永乳業従業員持株会",
      "shareholding_ratio": 2.12,
      "shares_held": 5281000
    },
    {
      "FY": "FY15",
      "period": "2016/3",
      "rank": 8,
      "name": "日本トラスティ・サービス信託銀行株式会社 (信託口９)",
      "shareholding_ratio": 2.1,
      "shares_held": 5224000
    },
    {
      "FY": "FY15",
      "period": "2016/3",
      "rank": 9,
      "name": "三菱ＵＦＪ信託銀行株式会社",
      "shareholding_ratio": 1.85,
      "shares_held": 4617000
    },
    {
      "FY": "FY15",
      "period": "2016/3",
      "rank": 10,
      "name": "農林中央金庫",
      "shareholding_ratio": 1.54,
      "shares_held": 3837000
    },
    {
      "FY": "FY16",
      "period": "2017/3",
      "rank": 1,
      "name": "森永製菓株式会社",
      "shareholding_ratio": 10.54,
      "shares_held": 26248000
    },
    {
      "FY": "FY16",
      "period": "2017/3",
      "rank": 2,
      "name": "日本マスタートラスト信託銀行株式会社(信託口)",
      "shareholding_ratio": 5.91,
      "shares_held": 14722000
    },
    {
      "FY": "FY16",
      "period": "2017/3",
      "rank": 3,
      "name": "株式会社みずほ銀行",
      "shareholding_ratio": 4.91,
      "shares_held": 12228000
    },
    {
      "FY": "FY16",
      "period": "2017/3",
      "rank": 4,
      "name": "日本トラスティ・サービス信託銀行株式会社 (信託口)",
      "shareholding_ratio": 3.38,
      "shares_held": 8414000
    },
    {
      "FY": "FY16",
      "period": "2017/3",
      "rank": 5,
      "name": "株式会社三菱東京ＵＦＪ銀行",
      "shareholding_ratio": 2.79,
      "shares_held": 6942000
    },
    {
      "FY": "FY16",
      "period": "2017/3",
      "rank": 6,
      "name": "日本トラスティ・サービス信託銀行株式会社 (三井住友信託銀行再信託分・株式会社三井住友銀行退職給付信託口)",
      "shareholding_ratio": 2.67,
      "shares_held": 6644000
    },
    {
      "FY": "FY16",
      "period": "2017/3",
      "rank": 7,
      "name": "森永乳業従業員持株会",
      "shareholding_ratio": 1.94,
      "shares_held": 4839000
    },
    {
      "FY": "FY16",
      "period": "2017/3",
      "rank": 8,
      "name": "三菱ＵＦＪ信託銀行株式会社",
      "shareholding_ratio": 1.85,
      "shares_held": 4617000
    },
    {
      "FY": "FY16",
      "period": "2017/3",
      "rank": 9,
      "name": "農林中央金庫",
      "shareholding_ratio": 1.54,
      "shares_held": 3837000
    },
    {
      "FY": "FY16",
      "period": "2017/3",
      "rank": 10,
      "name": "日本トラスティ・サービス信託銀行株式会社 (信託口５)",
      "shareholding_ratio": 1.48,
      "shares_held": 3697000
    },
    {
      "FY": "FY17",
      "period": "2018/3",
      "rank": 1,
      "name": "森永製菓株式会社",
      "shareholding_ratio": 10.61,
      "shares_held": 5249000
    },
    {
      "FY": "FY17",
      "period": "2018/3",
      "rank": 2,
      "name": "日本マスタートラスト信託銀行株式会社(信託口)",
      "shareholding_ratio": 5.36,
      "shares_held": 2649000
    },
    {
      "FY": "FY17",
      "period": "2018/3",
      "rank": 3,
      "name": "株式会社みずほ銀行",
      "shareholding_ratio": 4.94,
      "shares_held": 2445000
    },
    {
      "FY": "FY17",
      "period": "2018/3",
      "rank": 4,
      "name": "日本トラスティ・サービス信託銀行株式会社(信託口)",
      "shareholding_ratio": 4.9,
      "shares_held": 2424000
    },
    {
      "FY": "FY17",
      "period": "2018/3",
      "rank": 5,
      "name": "株式会社三菱東京ＵＦＪ銀行",
      "shareholding_ratio": 2.81,
      "shares_held": 1388000
    },
    {
      "FY": "FY17",
      "period": "2018/3",
      "rank": 6,
      "name": "株式会社ＳＭＢＣ信託銀行(株式会社三井住友銀行退職給付信託口)",
      "shareholding_ratio": 2.69,
      "shares_held": 1328000
    },
    {
      "FY": "FY17",
      "period": "2018/3",
      "rank": 7,
      "name": "三菱ＵＦＪ信託銀行株式会社",
      "shareholding_ratio": 1.87,
      "shares_held": 923000
    },
    {
      "FY": "FY17",
      "period": "2018/3",
      "rank": 8,
      "name": "森永乳業従業員持株会",
      "shareholding_ratio": 1.86,
      "shares_held": 920000
    },
    {
      "FY": "FY17",
      "period": "2018/3",
      "rank": 9,
      "name": "日本トラスティ・サービス信託銀行株式会社(信託口９)",
      "shareholding_ratio": 1.62,
      "shares_held": 800000
    },
    {
      "FY": "FY17",
      "period": "2018/3",
      "rank": 10,
      "name": "日本トラスティ・サービス信託銀行株式会社(信託口５)",
      "shareholding_ratio": 1.55,
      "shares_held": 768000
    },
    {
      "FY": "FY18",
      "period": "2019/3",
      "rank": 1,
      "name": "森永製菓株式会社",
      "shareholding_ratio": 10.61,
      "shares_held": 5249000
    },
    {
      "FY": "FY18",
      "period": "2019/3",
      "rank": 2,
      "name": "株式会社みずほ銀行",
      "shareholding_ratio": 4.94,
      "shares_held": 2445000
    },
    {
      "FY": "FY18",
      "period": "2019/3",
      "rank": 3,
      "name": "日本マスタートラスト信託銀行株式会社(信託口)",
      "shareholding_ratio": 4.08,
      "shares_held": 2016000
    },
    {
      "FY": "FY18",
      "period": "2019/3",
      "rank": 4,
      "name": "ＧＯＬＤＭＡＮ ＳＡＣＨＳ ＩＮＴＥＲＮＡＴＩＯＮＡＬ",
      "shareholding_ratio": 3.75,
      "shares_held": 1854000
    },
    {
      "FY": "FY18",
      "period": "2019/3",
      "rank": 5,
      "name": "日本トラスティ・サービス信託銀行株式会社(信託口)",
      "shareholding_ratio": 3.53,
      "shares_held": 1746000
    },
    {
      "FY": "FY18",
      "period": "2019/3",
      "rank": 6,
      "name": "株式会社三菱ＵＦＪ銀行",
      "shareholding_ratio": 2.81,
      "shares_held": 1388000
    },
    {
      "FY": "FY18",
      "period": "2019/3",
      "rank": 7,
      "name": "日本トラスティ・サービス信託銀行株式会社(信託口９)",
      "shareholding_ratio": 2.71,
      "shares_held": 1341000
    },
    {
      "FY": "FY18",
      "period": "2019/3",
      "rank": 8,
      "name": "株式会社ＳＭＢＣ信託銀行(株式会社三井住友銀行退職給付信託口)",
      "shareholding_ratio": 2.69,
      "shares_held": 1328000
    },
    {
      "FY": "FY18",
      "period": "2019/3",
      "rank": 9,
      "name": "森永乳業従業員持株会",
      "shareholding_ratio": 1.96,
      "shares_held": 969000
    },
    {
      "FY": "FY18",
      "period": "2019/3",
      "rank": 10,
      "name": "三菱ＵＦＪ信託銀行株式会社",
      "shareholding_ratio": 1.87,
      "shares_held": 923000
    },
    {
      "FY": "FY19",
      "period": "2020/3",
      "rank": 1,
      "name": "森永製菓株式会社",
      "shareholding_ratio": 10.61,
      "shares_held": 5249000
    },
    {
      "FY": "FY19",
      "period": "2020/3",
      "rank": 2,
      "name": "日本マスタートラスト信託銀行株式会社(信託口)",
      "shareholding_ratio": 7.23,
      "shares_held": 3578000
    },
    {
      "FY": "FY19",
      "period": "2020/3",
      "rank": 3,
      "name": "株式会社みずほ銀行",
      "shareholding_ratio": 4.94,
      "shares_held": 2445000
    },
    {
      "FY": "FY19",
      "period": "2020/3",
      "rank": 4,
      "name": "日本トラスティ・サービス信託銀行株式会社(信託口)",
      "shareholding_ratio": 4.7,
      "shares_held": 2323000
    },
    {
      "FY": "FY19",
      "period": "2020/3",
      "rank": 5,
      "name": "株式会社三菱ＵＦＪ銀行",
      "shareholding_ratio": 2.81,
      "shares_held": 1388000
    },
    {
      "FY": "FY19",
      "period": "2020/3",
      "rank": 6,
      "name": "株式会社ＳＭＢＣ信託銀行(株式会社三井住友銀行退職給付信託口)",
      "shareholding_ratio": 2.69,
      "shares_held": 1328000
    },
    {
      "FY": "FY19",
      "period": "2020/3",
      "rank": 7,
      "name": "日本トラスティ・サービス信託銀行株式会社(信託口９)",
      "shareholding_ratio": 2.17,
      "shares_held": 1071000
    },
    {
      "FY": "FY19",
      "period": "2020/3",
      "rank": 8,
      "name": "森永乳業従業員持株会",
      "shareholding_ratio": 2.02,
      "shares_held": 1001000
    },
    {
      "FY": "FY19",
      "period": "2020/3",
      "rank": 9,
      "name": "三菱ＵＦＪ信託銀行株式会社",
      "shareholding_ratio": 1.87,
      "shares_held": 923000
    },
    {
      "FY": "FY19",
      "period": "2020/3",
      "rank": 10,
      "name": "農林中央金庫",
      "shareholding_ratio": 1.55,
      "shares_held": 767000
    },
    {
      "FY": "FY20",
      "period": "2021/3",
      "rank": 1,
      "name": "森永製菓株式会社",
      "shareholding_ratio": 10.61,
      "shares_held": 5249000
    },
    {
      "FY": "FY20",
      "period": "2021/3",
      "rank": 2,
      "name": "日本マスタートラスト信託銀行株式会社(信託口)",
      "shareholding_ratio": 9.43,
      "shares_held": 4666000
    },
    {
      "FY": "FY20",
      "period": "2021/3",
      "rank": 3,
      "name": "株式会社日本カストディ銀行（信託口）",
      "shareholding_ratio": 7.48,
      "shares_held": 3703000
    },
    {
      "FY": "FY20",
      "period": "2021/3",
      "rank": 4,
      "name": "株式会社三菱ＵＦＪ銀行",
      "shareholding_ratio": 2.81,
      "shares_held": 1388000
    },
    {
      "FY": "FY20",
      "period": "2021/3",
      "rank": 5,
      "name": "株式会社ＳＭＢＣ信託銀行(株式会社三井住友銀行退職給付信託口)",
      "shareholding_ratio": 2.69,
      "shares_held": 1328000
    },
    {
      "FY": "FY20",
      "period": "2021/3",
      "rank": 6,
      "name": "株式会社みずほ銀行",
      "shareholding_ratio": 2.47,
      "shares_held": 1222000
    },
    {
      "FY": "FY20",
      "period": "2021/3",
      "rank": 7,
      "name": "森永乳業従業員持株会",
      "shareholding_ratio": 1.97,
      "shares_held": 973000
    },
    {
      "FY": "FY20",
      "period": "2021/3",
      "rank": 8,
      "name": "三菱ＵＦＪ信託銀行株式会社",
      "shareholding_ratio": 1.87,
      "shares_held": 923000
    },
    {
      "FY": "FY20",
      "period": "2021/3",
      "rank": 9,
      "name": "農林中央金庫",
      "shareholding_ratio": 1.55,
      "shares_held": 767000
    },
    {
      "FY": "FY20",
      "period": "2021/3",
      "rank": 10,
      "name": "日本マスタートラスト信託銀行株式会社（退職給付信託口・森永製菓株式会社口）",
      "shareholding_ratio": 1.21,
      "shares_held": 600000
    },
    {
      "FY": "FY21",
      "period": "2022/3",
      "rank": 1,
      "name": "日本マスタートラスト信託銀行株式会社(信託口)",
      "shareholding_ratio": 15.94,
      "shares_held": 7205000
    },
    {
      "FY": "FY21",
      "period": "2022/3",
      "rank": 2,
      "name": "株式会社日本カストディ銀行（信託口）",
      "shareholding_ratio": 7.62,
      "shares_held": 3442000
    },
    {
      "FY": "FY21",
      "period": "2022/3",
      "rank": 3,
      "name": "株式会社三菱ＵＦＪ銀行",
      "shareholding_ratio": 3.07,
      "shares_held": 1388000
    },
    {
      "FY": "FY21",
      "period": "2022/3",
      "rank": 4,
      "name": "株式会社ＳＭＢＣ信託銀行(株式会社三井住友銀行退職給付信託口)",
      "shareholding_ratio": 2.94,
      "shares_held": 1328000
    },
    {
      "FY": "FY21",
      "period": "2022/3",
      "rank": 5,
      "name": "株式会社みずほ銀行",
      "shareholding_ratio": 2.7,
      "shares_held": 1222000
    },
    {
      "FY": "FY21",
      "period": "2022/3",
      "rank": 6,
      "name": "森永乳業従業員持株会",
      "shareholding_ratio": 2.15,
      "shares_held": 974000
    },
    {
      "FY": "FY21",
      "period": "2022/3",
      "rank": 7,
      "name": "森永製菓株式会社",
      "shareholding_ratio": 2.1,
      "shares_held": 949000
    },
    {
      "FY": "FY21",
      "period": "2022/3",
      "rank": 8,
      "name": "三菱ＵＦＪ信託銀行株式会社",
      "shareholding_ratio": 2.04,
      "shares_held": 923000
    },
    {
      "FY": "FY21",
      "period": "2022/3",
      "rank": 9,
      "name": "ＪＰ ＭＯＲＧＡＮ ＣＨＡＳＥ ＢＡＮＫ ３８５８３９ （常任代理人 株式会社みずほ銀行決済営業部）",
      "shareholding_ratio": 1.97,
      "shares_held": 892000
    },
    {
      "FY": "FY21",
      "period": "2022/3",
      "rank": 10,
      "name": "農林中央金庫",
      "shareholding_ratio": 1.7,
      "shares_held": 767000
    },
    {
      "FY": "FY22",
      "period": "2023/3",
      "rank": 1,
      "name": "日本マスタートラスト信託銀行株式会社(信託口)",
      "shareholding_ratio": 16.91,
      "shares_held": 7648000
    },
    {
      "FY": "FY22",
      "period": "2023/3",
      "rank": 2,
      "name": "株式会社日本カストディ銀行（信託口）",
      "shareholding_ratio": 8.11,
      "shares_held": 3668000
    },
    {
      "FY": "FY22",
      "period": "2023/3",
      "rank": 3,
      "name": "株式会社ＳＭＢＣ信託銀行(株式会社三井住友銀行退職給付信託口)",
      "shareholding_ratio": 2.94,
      "shares_held": 1328000
    },
    {
      "FY": "FY22",
      "period": "2023/3",
      "rank": 4,
      "name": "株式会社みずほ銀行",
      "shareholding_ratio": 2.7,
      "shares_held": 1222000
    },
    {
      "FY": "FY22",
      "period": "2023/3",
      "rank": 5,
      "name": "森永乳業従業員持株会",
      "shareholding_ratio": 2.31,
      "shares_held": 1043000
    },
    {
      "FY": "FY22",
      "period": "2023/3",
      "rank": 6,
      "name": "森永製菓株式会社",
      "shareholding_ratio": 2.1,
      "shares_held": 949000
    },
    {
      "FY": "FY22",
      "period": "2023/3",
      "rank": 7,
      "name": "ＤＢＳ ＢＡＮＫ ＬＴＤ ７００１７０ （常任代理人 株式会社みずほ銀行決済営業部）",
      "shareholding_ratio": 1.99,
      "shares_held": 898000
    },
    {
      "FY": "FY22",
      "period": "2023/3",
      "rank": 8,
      "name": "ＪＰ ＭＯＲＧＡＮ ＣＨＡＳＥ ＢＡＮＫ ３８５８３９ （常任代理人 株式会社みずほ銀行決済営業部）",
      "shareholding_ratio": 1.75,
      "shares_held": 793000
    },
    {
      "FY": "FY22",
      "period": "2023/3",
      "rank": 9,
      "name": "農林中央金庫",
      "shareholding_ratio": 1.7,
      "shares_held": 767000
    },
    {
      "FY": "FY22",
      "period": "2023/3",
      "rank": 10,
      "name": "株式会社三菱ＵＦＪ銀行",
      "shareholding_ratio": 1.53,
      "shares_held": 694000
    },
    {
      "FY": "FY23",
      "period": "2024/3",
      "rank": 1,
      "name": "日本マスタートラスト信託銀行株式会社(信託口)",
      "shareholding_ratio": 14.89,
      "shares_held": 12920000
    },
    {
      "FY": "FY23",
      "period": "2024/3",
      "rank": 2,
      "name": "株式会社日本カストディ銀行（信託口）",
      "shareholding_ratio": 6.67,
      "shares_held": 5793000
    },
    {
      "FY": "FY23",
      "period": "2024/3",
      "rank": 3,
      "name": "株式会社ＳＭＢＣ信託銀行(株式会社三井住友銀行退職給付信託口)",
      "shareholding_ratio": 3.06,
      "shares_held": 2657000
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    {
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