{
  "commentary": "- FY15時点では日本トラスティ・サービス信託銀行12.23%を筆頭に、日本製紙4.87%・三井住友銀行・住友生命・住友商事など住友系列と紙業大手による親密株主構造だった。\n- FY24では日本マスタートラスト信託銀行10.52%と日本カストディ銀行10.22%が筆頭2口を占め、日本製紙が消滅しState Street等外国法人が複数ランクインする機関化が進行している。",
  "shareholders": [
    {
      "FY": "FY15",
      "period": "2016/3",
      "rank": 1,
      "name": "日本トラスティ・サービス信託銀行㈱",
      "shareholding_ratio": 12.23,
      "shares_held": 33163000
    },
    {
      "FY": "FY15",
      "period": "2016/3",
      "rank": 2,
      "name": "日本製紙㈱",
      "shareholding_ratio": 4.87,
      "shares_held": 13197000
    },
    {
      "FY": "FY15",
      "period": "2016/3",
      "rank": 3,
      "name": "㈱三井住友銀行",
      "shareholding_ratio": 3.53,
      "shares_held": 9562000
    },
    {
      "FY": "FY15",
      "period": "2016/3",
      "rank": 4,
      "name": "日本マスタートラスト信託銀行㈱",
      "shareholding_ratio": 3.35,
      "shares_held": 9090000
    },
    {
      "FY": "FY15",
      "period": "2016/3",
      "rank": 5,
      "name": "住友生命保険(相)",
      "shareholding_ratio": 2.56,
      "shares_held": 6930000
    },
    {
      "FY": "FY15",
      "period": "2016/3",
      "rank": 6,
      "name": "BNYML - NON TREATY ACCOUNT(常任代理人 ㈱三菱東京UFJ銀行)",
      "shareholding_ratio": 2.49,
      "shares_held": 6748000
    },
    {
      "FY": "FY15",
      "period": "2016/3",
      "rank": 7,
      "name": "三井住友海上火災保険㈱",
      "shareholding_ratio": 2.33,
      "shares_held": 6305000
    },
    {
      "FY": "FY15",
      "period": "2016/3",
      "rank": 8,
      "name": "農林中央金庫",
      "shareholding_ratio": 2.2,
      "shares_held": 5965000
    },
    {
      "FY": "FY15",
      "period": "2016/3",
      "rank": 9,
      "name": "住友商事㈱",
      "shareholding_ratio": 1.94,
      "shares_held": 5264000
    },
    {
      "FY": "FY15",
      "period": "2016/3",
      "rank": 10,
      "name": "CBNY DFA INTL SMALL CAP VALUEPORTFOLIO(常任代理人 シティバンク銀行㈱)",
      "shareholding_ratio": 1.58,
      "shares_held": 4289000
    },
    {
      "FY": "FY16",
      "period": "2017/3",
      "rank": 1,
      "name": "日本トラスティ・サービス信託銀行㈱",
      "shareholding_ratio": 11.07,
      "shares_held": 30011000
    },
    {
      "FY": "FY16",
      "period": "2017/3",
      "rank": 2,
      "name": "日本製紙㈱",
      "shareholding_ratio": 4.81,
      "shares_held": 13044000
    },
    {
      "FY": "FY16",
      "period": "2017/3",
      "rank": 3,
      "name": "日本マスタートラスト信託銀行㈱",
      "shareholding_ratio": 3.86,
      "shares_held": 10464000
    },
    {
      "FY": "FY16",
      "period": "2017/3",
      "rank": 4,
      "name": "㈱三井住友銀行",
      "shareholding_ratio": 3.53,
      "shares_held": 9562000
    },
    {
      "FY": "FY16",
      "period": "2017/3",
      "rank": 5,
      "name": "住友生命保険(相)",
      "shareholding_ratio": 2.6,
      "shares_held": 7055000
    },
    {
      "FY": "FY16",
      "period": "2017/3",
      "rank": 6,
      "name": "GOVERNMENT OF NORWAY(常任代理人 シティバンク、エヌ・エイ東京支店)",
      "shareholding_ratio": 2.36,
      "shares_held": 6407000
    },
    {
      "FY": "FY16",
      "period": "2017/3",
      "rank": 7,
      "name": "三井住友海上火災保険㈱",
      "shareholding_ratio": 2.33,
      "shares_held": 6305000
    },
    {
      "FY": "FY16",
      "period": "2017/3",
      "rank": 8,
      "name": "農林中央金庫",
      "shareholding_ratio": 2.2,
      "shares_held": 5965000
    },
    {
      "FY": "FY16",
      "period": "2017/3",
      "rank": 9,
      "name": "住友商事㈱",
      "shareholding_ratio": 1.94,
      "shares_held": 5264000
    },
    {
      "FY": "FY16",
      "period": "2017/3",
      "rank": 10,
      "name": "DFA INTL SMALL CAP VALUE PORTFOLIO(常任代理人 シティバンク、エヌ・エイ東京支店)",
      "shareholding_ratio": 1.57,
      "shares_held": 4262000
    },
    {
      "FY": "FY17",
      "period": "2018/3",
      "rank": 1,
      "name": "日本トラスティ・サービス信託銀行㈱",
      "shareholding_ratio": 16.47,
      "shares_held": 40782000
    },
    {
      "FY": "FY17",
      "period": "2018/3",
      "rank": 2,
      "name": "日本マスタートラスト信託銀行㈱",
      "shareholding_ratio": 5.14,
      "shares_held": 12734000
    },
    {
      "FY": "FY17",
      "period": "2018/3",
      "rank": 3,
      "name": "㈱三井住友銀行",
      "shareholding_ratio": 3.86,
      "shares_held": 9562000
    },
    {
      "FY": "FY17",
      "period": "2018/3",
      "rank": 4,
      "name": "住友生命保険(相)",
      "shareholding_ratio": 2.76,
      "shares_held": 6838000
    },
    {
      "FY": "FY17",
      "period": "2018/3",
      "rank": 5,
      "name": "三井住友海上火災保険㈱",
      "shareholding_ratio": 2.54,
      "shares_held": 6305000
    },
    {
      "FY": "FY17",
      "period": "2018/3",
      "rank": 6,
      "name": "農林中央金庫",
      "shareholding_ratio": 2.4,
      "shares_held": 5965000
    },
    {
      "FY": "FY17",
      "period": "2018/3",
      "rank": 7,
      "name": "住友商事㈱",
      "shareholding_ratio": 2.12,
      "shares_held": 5264000
    },
    {
      "FY": "FY17",
      "period": "2018/3",
      "rank": 8,
      "name": "資産管理サービス信託銀行㈱",
      "shareholding_ratio": 1.81,
      "shares_held": 4485000
    },
    {
      "FY": "FY17",
      "period": "2018/3",
      "rank": 9,
      "name": "DFA INTL SMALL CAP VALUE PORTFOLIO(常任代理人 シティバンク、エヌ・エイ東京支店)",
      "shareholding_ratio": 1.79,
      "shares_held": 4436000
    },
    {
      "FY": "FY17",
      "period": "2018/3",
      "rank": 10,
      "name": "レンゴー社員持株会",
      "shareholding_ratio": 1.38,
      "shares_held": 3441000
    },
    {
      "FY": "FY18",
      "period": "2019/3",
      "rank": 1,
      "name": "日本トラスティ・サービス信託銀行㈱",
      "shareholding_ratio": 16.04,
      "shares_held": 39726000
    },
    {
      "FY": "FY18",
      "period": "2019/3",
      "rank": 2,
      "name": "日本マスタートラスト信託銀行㈱",
      "shareholding_ratio": 6.16,
      "shares_held": 15262000
    },
    {
      "FY": "FY18",
      "period": "2019/3",
      "rank": 3,
      "name": "㈱三井住友銀行",
      "shareholding_ratio": 3.86,
      "shares_held": 9562000
    },
    {
      "FY": "FY18",
      "period": "2019/3",
      "rank": 4,
      "name": "住友生命保険(相)",
      "shareholding_ratio": 2.76,
      "shares_held": 6855000
    },
    {
      "FY": "FY18",
      "period": "2019/3",
      "rank": 5,
      "name": "三井住友海上火災保険㈱",
      "shareholding_ratio": 2.54,
      "shares_held": 6305000
    },
    {
      "FY": "FY18",
      "period": "2019/3",
      "rank": 6,
      "name": "農林中央金庫",
      "shareholding_ratio": 2.4,
      "shares_held": 5965000
    },
    {
      "FY": "FY18",
      "period": "2019/3",
      "rank": 7,
      "name": "資産管理サービス信託銀行㈱",
      "shareholding_ratio": 2.24,
      "shares_held": 5562000
    },
    {
      "FY": "FY18",
      "period": "2019/3",
      "rank": 8,
      "name": "住友商事㈱",
      "shareholding_ratio": 2.12,
      "shares_held": 5264000
    },
    {
      "FY": "FY18",
      "period": "2019/3",
      "rank": 9,
      "name": "JP MORGAN CHASE BANK 385632(常任代理人 ㈱みずほ銀行決済営業部)",
      "shareholding_ratio": 2.09,
      "shares_held": 5192000
    },
    {
      "FY": "FY18",
      "period": "2019/3",
      "rank": 10,
      "name": "レンゴー社員持株会",
      "shareholding_ratio": 1.35,
      "shares_held": 3345000
    },
    {
      "FY": "FY19",
      "period": "2020/3",
      "rank": 1,
      "name": "日本トラスティ・サービス信託銀行㈱",
      "shareholding_ratio": 14.88,
      "shares_held": 36859000
    },
    {
      "FY": "FY19",
      "period": "2020/3",
      "rank": 2,
      "name": "日本マスタートラスト信託銀行㈱",
      "shareholding_ratio": 7.21,
      "shares_held": 17869000
    },
    {
      "FY": "FY19",
      "period": "2020/3",
      "rank": 3,
      "name": "㈱三井住友銀行",
      "shareholding_ratio": 3.86,
      "shares_held": 9562000
    },
    {
      "FY": "FY19",
      "period": "2020/3",
      "rank": 4,
      "name": "住友生命保険(相)",
      "shareholding_ratio": 2.79,
      "shares_held": 6919000
    },
    {
      "FY": "FY19",
      "period": "2020/3",
      "rank": 5,
      "name": "農林中央金庫",
      "shareholding_ratio": 2.4,
      "shares_held": 5965000
    },
    {
      "FY": "FY19",
      "period": "2020/3",
      "rank": 6,
      "name": "住友商事㈱",
      "shareholding_ratio": 2.12,
      "shares_held": 5264000
    },
    {
      "FY": "FY19",
      "period": "2020/3",
      "rank": 7,
      "name": "三井住友海上火災保険㈱",
      "shareholding_ratio": 1.94,
      "shares_held": 4805000
    },
    {
      "FY": "FY19",
      "period": "2020/3",
      "rank": 8,
      "name": "資産管理サービス信託銀行㈱",
      "shareholding_ratio": 1.83,
      "shares_held": 4542000
    },
    {
      "FY": "FY19",
      "period": "2020/3",
      "rank": 9,
      "name": "JP MORGAN CHASE BANK 385632(常任代理人 ㈱みずほ銀行決済営業部)",
      "shareholding_ratio": 1.8,
      "shares_held": 4459000
    },
    {
      "FY": "FY19",
      "period": "2020/3",
      "rank": 10,
      "name": "JP MORGAN CHASE BANK 385151(常任代理人 ㈱みずほ銀行決済営業部)",
      "shareholding_ratio": 1.5,
      "shares_held": 3717000
    },
    {
      "FY": "FY20",
      "period": "2021/3",
      "rank": 1,
      "name": "㈱日本カストディ銀行",
      "shareholding_ratio": 17.48,
      "shares_held": 43474000
    },
    {
      "FY": "FY20",
      "period": "2021/3",
      "rank": 2,
      "name": "日本マスタートラスト信託銀行㈱",
      "shareholding_ratio": 10.44,
      "shares_held": 25966000
    },
    {
      "FY": "FY20",
      "period": "2021/3",
      "rank": 3,
      "name": "㈱三井住友銀行",
      "shareholding_ratio": 3.84,
      "shares_held": 9562000
    },
    {
      "FY": "FY20",
      "period": "2021/3",
      "rank": 4,
      "name": "住友生命保険(相)",
      "shareholding_ratio": 2.76,
      "shares_held": 6875000
    },
    {
      "FY": "FY20",
      "period": "2021/3",
      "rank": 5,
      "name": "農林中央金庫",
      "shareholding_ratio": 2.4,
      "shares_held": 5965000
    },
    {
      "FY": "FY20",
      "period": "2021/3",
      "rank": 6,
      "name": "住友商事㈱",
      "shareholding_ratio": 1.6,
      "shares_held": 4000000
    },
    {
      "FY": "FY20",
      "period": "2021/3",
      "rank": 7,
      "name": "レンゴー社員持株会",
      "shareholding_ratio": 1.51,
      "shares_held": 3773000
    },
    {
      "FY": "FY20",
      "period": "2021/3",
      "rank": 8,
      "name": "JP MORGAN CHASE BANK 385632(常任代理人 ㈱みずほ銀行決済営業部)",
      "shareholding_ratio": 1.45,
      "shares_held": 3625000
    },
    {
      "FY": "FY20",
      "period": "2021/3",
      "rank": 9,
      "name": "㈱ヤクルト本社",
      "shareholding_ratio": 1.33,
      "shares_held": 3326000
    },
    {
      "FY": "FY20",
      "period": "2021/3",
      "rank": 10,
      "name": "三井住友海上火災保険㈱",
      "shareholding_ratio": 1.32,
      "shares_held": 3305000
    },
    {
      "FY": "FY21",
      "period": "2022/3",
      "rank": 1,
      "name": "日本マスタートラスト信託銀行㈱",
      "shareholding_ratio": 14.14,
      "shares_held": 35157000
    },
    {
      "FY": "FY21",
      "period": "2022/3",
      "rank": 2,
      "name": "㈱日本カストディ銀行",
      "shareholding_ratio": 11.83,
      "shares_held": 29415000
    },
    {
      "FY": "FY21",
      "period": "2022/3",
      "rank": 3,
      "name": "㈱三井住友銀行",
      "shareholding_ratio": 3.84,
      "shares_held": 9562000
    },
    {
      "FY": "FY21",
      "period": "2022/3",
      "rank": 4,
      "name": "住友生命保険(相)",
      "shareholding_ratio": 2.74,
      "shares_held": 6834000
    },
    {
      "FY": "FY21",
      "period": "2022/3",
      "rank": 5,
      "name": "農林中央金庫",
      "shareholding_ratio": 2.4,
      "shares_held": 5965000
    },
    {
      "FY": "FY21",
      "period": "2022/3",
      "rank": 6,
      "name": "レンゴー社員持株会",
      "shareholding_ratio": 1.59,
      "shares_held": 3971000
    },
    {
      "FY": "FY21",
      "period": "2022/3",
      "rank": 7,
      "name": "㈱ヤクルト本社",
      "shareholding_ratio": 1.33,
      "shares_held": 3326000
    },
    {
      "FY": "FY21",
      "period": "2022/3",
      "rank": 8,
      "name": "JP MORGAN CHASE BANK 385632(常任代理人 ㈱みずほ銀行決済営業部)",
      "shareholding_ratio": 1.33,
      "shares_held": 3324000
    },
    {
      "FY": "FY21",
      "period": "2022/3",
      "rank": 9,
      "name": "王子ホールディングス㈱",
      "shareholding_ratio": 1.23,
      "shares_held": 3066000
    },
    {
      "FY": "FY21",
      "period": "2022/3",
      "rank": 10,
      "name": "ダイキン工業㈱",
      "shareholding_ratio": 1.17,
      "shares_held": 2911000
    },
    {
      "FY": "FY22",
      "period": "2023/3",
      "rank": 1,
      "name": "㈱日本カストディ銀行",
      "shareholding_ratio": 12.66,
      "shares_held": 31469000
    },
    {
      "FY": "FY22",
      "period": "2023/3",
      "rank": 2,
      "name": "日本マスタートラスト信託銀行㈱",
      "shareholding_ratio": 12.32,
      "shares_held": 30625000
    },
    {
      "FY": "FY22",
      "period": "2023/3",
      "rank": 3,
      "name": "㈱三井住友銀行",
      "shareholding_ratio": 3.84,
      "shares_held": 9562000
    },
    {
      "FY": "FY22",
      "period": "2023/3",
      "rank": 4,
      "name": "住友生命保険(相)",
      "shareholding_ratio": 2.76,
      "shares_held": 6878000
    },
    {
      "FY": "FY22",
      "period": "2023/3",
      "rank": 5,
      "name": "農林中央金庫",
      "shareholding_ratio": 2.4,
      "shares_held": 5965000
    },
    {
      "FY": "FY22",
      "period": "2023/3",
      "rank": 6,
      "name": "GOVERNMENT OF NORWAY(常任代理人 シティバンク、エヌ・エイ東京支店)",
      "shareholding_ratio": 1.98,
      "shares_held": 4923000
    },
    {
      "FY": "FY22",
      "period": "2023/3",
      "rank": 7,
      "name": "レンゴー社員持株会",
      "shareholding_ratio": 1.71,
      "shares_held": 4269000
    },
    {
      "FY": "FY22",
      "period": "2023/3",
      "rank": 8,
      "name": "THE BANK OF NEW YORK MELLON 140044(常任代理人 ㈱みずほ銀行決済営業部)",
      "shareholding_ratio": 1.69,
      "shares_held": 4202000
    },
    {
      "FY": "FY22",
      "period": "2023/3",
      "rank": 9,
      "name": "㈱ヤクルト本社",
      "shareholding_ratio": 1.33,
      "shares_held": 3326000
    },
    {
      "FY": "FY22",
      "period": "2023/3",
      "rank": 10,
      "name": "DFA INTL SMALL CAP VALUE PORTFOLIO(常任代理人 シティバンク、エヌ・エイ東京支店)",
      "shareholding_ratio": 1.29,
      "shares_held": 3231000
    },
    {
      "FY": "FY23",
      "period": "2024/3",
      "rank": 1,
      "name": "日本マスタートラスト信託銀行㈱",
      "shareholding_ratio": 12.19,
      "shares_held": 30433000
    },
    {
      "FY": "FY23",
      "period": "2024/3",
      "rank": 2,
      "name": "㈱日本カストディ銀行",
      "shareholding_ratio": 11.42,
      "shares_held": 28510000
    },
    {
      "FY": "FY23",
      "period": "2024/3",
      "rank": 3,
      "name": "㈱三井住友銀行",
      "shareholding_ratio": 3.83,
      "shares_held": 9562000
    },
    {
      "FY": "FY23",
      "period": "2024/3",
      "rank": 4,
      "name": "住友生命保険(相)",
      "shareholding_ratio": 2.73,
      "shares_held": 6826000
    },
    {
      "FY": "FY23",
      "period": "2024/3",
      "rank": 5,
      "name": "農林中央金庫",
      "shareholding_ratio": 2.39,
      "shares_held": 5965000
    },
    {
      "FY": "FY23",
      "period": "2024/3",
      "rank": 6,
      "name": "GOVERNMENT OF NORWAY(常任代理人 シティバンク、エヌ・エイ東京支店)",
      "shareholding_ratio": 1.84,
      "shares_held": 4609000
    },
    {
      "FY": "FY23",
      "period": "2024/3",
      "rank": 7,
      "name": "レンゴー社員持株会",
      "shareholding_ratio": 1.81,
      "shares_held": 4522000
    },
    {
      "FY": "FY23",
      "period": "2024/3",
      "rank": 8,
      "name": "STATE STREET BANK AND TRUST COMPANY 505223(常任代理人 ㈱みずほ銀行決済営業部)",
      "shareholding_ratio": 1.71,
      "shares_held": 4278000
    },
    {
      "FY": "FY23",
      "period": "2024/3",
      "rank": 9,
      "name": "THE BANK OF NEW YORK MELLON 140044(常任代理人 ㈱みずほ銀行決済営業部)",
      "shareholding_ratio": 1.49,
      "shares_held": 3718000
    },
    {
      "FY": "FY23",
      "period": "2024/3",
      "rank": 10,
      "name": "㈱ヤクルト本社",
      "shareholding_ratio": 1.33,
      "shares_held": 3326000
    },
    {
      "FY": "FY24",
      "period": "2025/3",
      "rank": 1,
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