{
  "commentary": "- FY15時点は親会社的存在のヤマハ12.19%を筆頭に、ステート ストリート バンク アンド トラスト カンパニー10.80%、信託2口と続き、楽器のヤマハと外国法人が拮抗する構造だった。\n- FY25は日本マスタートラスト信託銀行が17.83%へ集中化する一方、ヤマハの保有は段階的な売却で2.98%まで希薄化し、トヨタ自動車1.93%や外国機関投資家が分散保有する機関化構造へ移行している。",
  "shareholders": [
    {
      "FY": "FY15",
      "period": "2015/12",
      "rank": 1,
      "name": "ヤマハ株式会社",
      "shareholding_ratio": 12.19,
      "shares_held": 42642790
    },
    {
      "FY": "FY15",
      "period": "2015/12",
      "rank": 2,
      "name": "ステート ストリート バンク アンド トラスト カンパニー(常任代理人 香港上海銀行東京支店 カストディ業務部)",
      "shareholding_ratio": 10.8,
      "shares_held": 37773771
    },
    {
      "FY": "FY15",
      "period": "2015/12",
      "rank": 3,
      "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": 5.47,
      "shares_held": 19139400
    },
    {
      "FY": "FY15",
      "period": "2015/12",
      "rank": 4,
      "name": "日本マスタートラスト信託銀行株式会社(信託口)",
      "shareholding_ratio": 4.31,
      "shares_held": 15066100
    },
    {
      "FY": "FY15",
      "period": "2015/12",
      "rank": 5,
      "name": "トヨタ自動車株式会社",
      "shareholding_ratio": 3.57,
      "shares_held": 12500000
    },
    {
      "FY": "FY15",
      "period": "2015/12",
      "rank": 6,
      "name": "株式会社みずほ銀行",
      "shareholding_ratio": 3.38,
      "shares_held": 11824647
    },
    {
      "FY": "FY15",
      "period": "2015/12",
      "rank": 7,
      "name": "三井物産株式会社",
      "shareholding_ratio": 2.45,
      "shares_held": 8586000
    },
    {
      "FY": "FY15",
      "period": "2015/12",
      "rank": 8,
      "name": "株式会社静岡銀行",
      "shareholding_ratio": 1.95,
      "shares_held": 6813708
    },
    {
      "FY": "FY15",
      "period": "2015/12",
      "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": 1.72,
      "shares_held": 6010500
    },
    {
      "FY": "FY15",
      "period": "2015/12",
      "rank": 10,
      "name": "ステート ストリート バンク ウェスト クライアント トリーティー ５０５２３４(常任代理人 株式会社みずほ銀行 決済営業部)",
      "shareholding_ratio": 1.16,
      "shares_held": 4047090
    },
    {
      "FY": "FY16",
      "period": "2016/12",
      "rank": 1,
      "name": "ヤマハ株式会社",
      "shareholding_ratio": 12.19,
      "shares_held": 42642790
    },
    {
      "FY": "FY16",
      "period": "2016/12",
      "rank": 2,
      "name": "ステート ストリート バンク アンド トラスト カンパニー(常任代理人 香港上海銀行東京支店 カストディ業務部)",
      "shareholding_ratio": 9.73,
      "shares_held": 34063831
    },
    {
      "FY": "FY16",
      "period": "2016/12",
      "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": 8.2,
      "shares_held": 28703400
    },
    {
      "FY": "FY16",
      "period": "2016/12",
      "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": 5.54,
      "shares_held": 19382400
    },
    {
      "FY": "FY16",
      "period": "2016/12",
      "rank": 5,
      "name": "トヨタ自動車株式会社",
      "shareholding_ratio": 3.57,
      "shares_held": 12500000
    },
    {
      "FY": "FY16",
      "period": "2016/12",
      "rank": 6,
      "name": "株式会社みずほ銀行",
      "shareholding_ratio": 3.38,
      "shares_held": 11824647
    },
    {
      "FY": "FY16",
      "period": "2016/12",
      "rank": 7,
      "name": "三井物産株式会社",
      "shareholding_ratio": 2.45,
      "shares_held": 8586000
    },
    {
      "FY": "FY16",
      "period": "2016/12",
      "rank": 8,
      "name": "株式会社静岡銀行",
      "shareholding_ratio": 1.95,
      "shares_held": 6813708
    },
    {
      "FY": "FY16",
      "period": "2016/12",
      "rank": 9,
      "name": "資産管理サービス信託銀行株式会社（証券投資信託口）",
      "shareholding_ratio": 1.79,
      "shares_held": 6280200
    },
    {
      "FY": "FY16",
      "period": "2016/12",
      "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９)",
      "shareholding_ratio": 1.6,
      "shares_held": 5612800
    },
    {
      "FY": "FY17",
      "period": "2017/12",
      "rank": 1,
      "name": "ヤマハ株式会社",
      "shareholding_ratio": 9.9,
      "shares_held": 34642790
    },
    {
      "FY": "FY17",
      "period": "2017/12",
      "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": 9.64,
      "shares_held": 33715700
    },
    {
      "FY": "FY17",
      "period": "2017/12",
      "rank": 3,
      "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": 5.54,
      "shares_held": 19368900
    },
    {
      "FY": "FY17",
      "period": "2017/12",
      "rank": 4,
      "name": "ステート ストリート バンク アンド トラスト カンパニー（常任代理人 香港上海銀行東京支店 カストディ業務部）",
      "shareholding_ratio": 5.11,
      "shares_held": 17866986
    },
    {
      "FY": "FY17",
      "period": "2017/12",
      "rank": 5,
      "name": "トヨタ自動車株式会社",
      "shareholding_ratio": 3.57,
      "shares_held": 12500000
    },
    {
      "FY": "FY17",
      "period": "2017/12",
      "rank": 6,
      "name": "三井物産株式会社",
      "shareholding_ratio": 2.45,
      "shares_held": 8586000
    },
    {
      "FY": "FY17",
      "period": "2017/12",
      "rank": 7,
      "name": "株式会社みずほ銀行",
      "shareholding_ratio": 2.37,
      "shares_held": 8277247
    },
    {
      "FY": "FY17",
      "period": "2017/12",
      "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": 2.32,
      "shares_held": 8123600
    },
    {
      "FY": "FY17",
      "period": "2017/12",
      "rank": 9,
      "name": "株式会社静岡銀行",
      "shareholding_ratio": 1.61,
      "shares_held": 5649508
    },
    {
      "FY": "FY17",
      "period": "2017/12",
      "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": 1.54,
      "shares_held": 5385500
    },
    {
      "FY": "FY18",
      "period": "2018/12",
      "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": 11.21,
      "shares_held": 39160400
    },
    {
      "FY": "FY18",
      "period": "2018/12",
      "rank": 2,
      "name": "ヤマハ株式会社",
      "shareholding_ratio": 9.92,
      "shares_held": 34642790
    },
    {
      "FY": "FY18",
      "period": "2018/12",
      "rank": 3,
      "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": 6.74,
      "shares_held": 23539200
    },
    {
      "FY": "FY18",
      "period": "2018/12",
      "rank": 4,
      "name": "ステート ストリート バンク アンド トラスト カンパニー（常任代理人 香港上海銀行東京支店 カストディ業務部）",
      "shareholding_ratio": 5.01,
      "shares_held": 17483235
    },
    {
      "FY": "FY18",
      "period": "2018/12",
      "rank": 5,
      "name": "トヨタ自動車株式会社",
      "shareholding_ratio": 3.58,
      "shares_held": 12500000
    },
    {
      "FY": "FY18",
      "period": "2018/12",
      "rank": 6,
      "name": "三井物産株式会社",
      "shareholding_ratio": 2.46,
      "shares_held": 8586000
    },
    {
      "FY": "FY18",
      "period": "2018/12",
      "rank": 7,
      "name": "株式会社みずほ銀行",
      "shareholding_ratio": 2.37,
      "shares_held": 8277247
    },
    {
      "FY": "FY18",
      "period": "2018/12",
      "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": 2.26,
      "shares_held": 7895100
    },
    {
      "FY": "FY18",
      "period": "2018/12",
      "rank": 9,
      "name": "資産管理サービス信託銀行株式会社（証券投資信託口）",
      "shareholding_ratio": 1.78,
      "shares_held": 6213000
    },
    {
      "FY": "FY18",
      "period": "2018/12",
      "rank": 10,
      "name": "ＳＭＢＣ日興証券株式会社",
      "shareholding_ratio": 1.64,
      "shares_held": 5718100
    },
    {
      "FY": "FY19",
      "period": "2019/12",
      "rank": 1,
      "name": "ヤマハ株式会社",
      "shareholding_ratio": 9.92,
      "shares_held": 34642790
    },
    {
      "FY": "FY19",
      "period": "2019/12",
      "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": 9.6,
      "shares_held": 33541600
    },
    {
      "FY": "FY19",
      "period": "2019/12",
      "rank": 3,
      "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": 6.16,
      "shares_held": 21538800
    },
    {
      "FY": "FY19",
      "period": "2019/12",
      "rank": 4,
      "name": "ＳＳＢＴＣ ＣＬＩＥＮＴＯＭＮＩＢＵＳ ＡＣＣＯＵＮＴ（常任代理人 香港上海銀行東京支店 カストディ業務部）",
      "shareholding_ratio": 4.78,
      "shares_held": 16701639
    },
    {
      "FY": "FY19",
      "period": "2019/12",
      "rank": 5,
      "name": "トヨタ自動車株式会社",
      "shareholding_ratio": 3.58,
      "shares_held": 12500000
    },
    {
      "FY": "FY19",
      "period": "2019/12",
      "rank": 6,
      "name": "株式会社みずほ銀行",
      "shareholding_ratio": 2.37,
      "shares_held": 8277247
    },
    {
      "FY": "FY19",
      "period": "2019/12",
      "rank": 7,
      "name": "ＳＭＢＣ日興証券株式会社",
      "shareholding_ratio": 2.12,
      "shares_held": 7411100
    },
    {
      "FY": "FY19",
      "period": "2019/12",
      "rank": 8,
      "name": "三井物産株式会社",
      "shareholding_ratio": 1.9,
      "shares_held": 6645800
    },
    {
      "FY": "FY19",
      "period": "2019/12",
      "rank": 9,
      "name": "株式会社静岡銀行",
      "shareholding_ratio": 1.62,
      "shares_held": 5649508
    },
    {
      "FY": "FY19",
      "period": "2019/12",
      "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": 1.51,
      "shares_held": 5287400
    },
    {
      "FY": "FY20",
      "period": "2020/12",
      "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": 11.82,
      "shares_held": 41308700
    },
    {
      "FY": "FY20",
      "period": "2020/12",
      "rank": 2,
      "name": "ヤマハ株式会社",
      "shareholding_ratio": 9.91,
      "shares_held": 34642790
    },
    {
      "FY": "FY20",
      "period": "2020/12",
      "rank": 3,
      "name": "株式会社日本カストディ銀行（信託口）",
      "shareholding_ratio": 5.9,
      "shares_held": 20635300
    },
    {
      "FY": "FY20",
      "period": "2020/12",
      "rank": 4,
      "name": "トヨタ自動車株式会社",
      "shareholding_ratio": 3.58,
      "shares_held": 12500000
    },
    {
      "FY": "FY20",
      "period": "2020/12",
      "rank": 5,
      "name": "ＳＳＢＴＣ ＣＬＩＥＮＴＯＭＮＩＢＵＳ ＡＣＣＯＵＮＴ（常任代理人 香港上海銀行東京支店 カストディ業務部）",
      "shareholding_ratio": 3.58,
      "shares_held": 12499899
    },
    {
      "FY": "FY20",
      "period": "2020/12",
      "rank": 6,
      "name": "ＳＭＢＣ日興証券株式会社",
      "shareholding_ratio": 2.78,
      "shares_held": 9709700
    },
    {
      "FY": "FY20",
      "period": "2020/12",
      "rank": 7,
      "name": "株式会社みずほ銀行",
      "shareholding_ratio": 2.37,
      "shares_held": 8277247
    },
    {
      "FY": "FY20",
      "period": "2020/12",
      "rank": 8,
      "name": "株式会社静岡銀行",
      "shareholding_ratio": 1.62,
      "shares_held": 5649508
    },
    {
      "FY": "FY20",
      "period": "2020/12",
      "rank": 9,
      "name": "株式会社日本カストディ銀行（信託口９）",
      "shareholding_ratio": 1.59,
      "shares_held": 5547700
    },
    {
      "FY": "FY20",
      "period": "2020/12",
      "rank": 10,
      "name": "三井物産株式会社",
      "shareholding_ratio": 1.56,
      "shares_held": 5451900
    },
    {
      "FY": "FY21",
      "period": "2021/12",
      "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": 16.21,
      "shares_held": 56083200
    },
    {
      "FY": "FY21",
      "period": "2021/12",
      "rank": 2,
      "name": "株式会社日本カストディ銀行（信託口）",
      "shareholding_ratio": 5.14,
      "shares_held": 17767400
    },
    {
      "FY": "FY21",
      "period": "2021/12",
      "rank": 3,
      "name": "ヤマハ株式会社",
      "shareholding_ratio": 4.52,
      "shares_held": 15642790
    },
    {
      "FY": "FY21",
      "period": "2021/12",
      "rank": 4,
      "name": "トヨタ自動車株式会社",
      "shareholding_ratio": 3.61,
      "shares_held": 12500000
    },
    {
      "FY": "FY21",
      "period": "2021/12",
      "rank": 5,
      "name": "ＳＳＢＴＣ ＣＬＩＥＮＴＯＭＮＩＢＵＳ ＡＣＣＯＵＮＴ（常任代理人 香港上海銀行東京支店 カストディ業務部）",
      "shareholding_ratio": 2.84,
      "shares_held": 9827768
    },
    {
      "FY": "FY21",
      "period": "2021/12",
      "rank": 6,
      "name": "ＳＭＢＣ日興証券株式会社",
      "shareholding_ratio": 2.79,
      "shares_held": 9642400
    },
    {
      "FY": "FY21",
      "period": "2021/12",
      "rank": 7,
      "name": "株式会社みずほ銀行",
      "shareholding_ratio": 2.39,
      "shares_held": 8277247
    },
    {
      "FY": "FY21",
      "period": "2021/12",
      "rank": 8,
      "name": "ＪＰモルガン証券株式会社",
      "shareholding_ratio": 1.88,
      "shares_held": 6515205
    },
    {
      "FY": "FY21",
      "period": "2021/12",
      "rank": 9,
      "name": "株式会社静岡銀行",
      "shareholding_ratio": 1.63,
      "shares_held": 5649508
    },
    {
      "FY": "FY21",
      "period": "2021/12",
      "rank": 10,
      "name": "ＳＴＡＴＥ ＳＴＲＥＥＴＢＡＮＫＷＥＳＴ ＣＬＩＥＮＴ－ＴＲＥＡＴＹ ５０５２３４（常任代理人 株式会社みずほ銀行 決済営業部）",
      "shareholding_ratio": 1.57,
      "shares_held": 5416440
    },
    {
      "FY": "FY22",
      "period": "2022/12",
      "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": 18.81,
      "shares_held": 63627900
    },
    {
      "FY": "FY22",
      "period": "2022/12",
      "rank": 2,
      "name": "株式会社日本カストディ銀行（信託口）",
      "shareholding_ratio": 7.35,
      "shares_held": 24867300
    },
    {
      "FY": "FY22",
      "period": "2022/12",
      "rank": 3,
      "name": "ヤマハ株式会社",
      "shareholding_ratio": 4.62,
      "shares_held": 15642790
    },
    {
      "FY": "FY22",
      "period": "2022/12",
      "rank": 4,
      "name": "トヨタ自動車株式会社",
      "shareholding_ratio": 3.7,
      "shares_held": 12500000
    },
    {
      "FY": "FY22",
      "period": "2022/12",
      "rank": 5,
      "name": "ＳＭＢＣ日興証券株式会社",
      "shareholding_ratio": 3.64,
      "shares_held": 12302300
    },
    {
      "FY": "FY22",
      "period": "2022/12",
      "rank": 6,
      "name": "ＮＯＲＴＨＥＲＮ ＴＲＵＳＴ ＣＯ．（ＡＶＦＣ） ＲＥ ＳＩＬＣＨＥＳＴＥＲ ＩＮＴＥＲＮＡＴＩＯＮＡＬ ＩＮＶＥＳＴＯＲＳ ＩＮＴＥＲＮＡＴＩＯＮＡＬ ＶＡＬＵＥ ＥＱＵＩＴＹ ＴＲＵＳＴ（常任代理人 香港上海銀行東京支店 カストディ業務部）",
      "shareholding_ratio": 2.14,
      "shares_held": 7228200
    },
    {
      "FY": "FY22",
      "period": "2022/12",
      "rank": 7,
      "name": "ＪＰモルガン証券株式会社",
      "shareholding_ratio": 1.8,
      "shares_held": 6097150
    },
    {
      "FY": "FY22",
      "period": "2022/12",
      "rank": 8,
      "name": "ＳＳＢＴＣ ＣＬＩＥＮＴＯＭＮＩＢＵＳ ＡＣＣＯＵＮＴ（常任代理人 香港上海銀行東京支店 カストディ業務部）",
      "shareholding_ratio": 1.77,
      "shares_held": 6002886
    },
    {
      "FY": "FY22",
      "period": "2022/12",
      "rank": 9,
      "name": "ＳＴＡＴＥ ＳＴＲＥＥＴＢＡＮＫ ＷＥＳＴ ＣＬＩＥＮＴ－ＴＲＥＡＴＹ ５０５２３４（常任代理人 株式会社みずほ銀行 決済営業部）",
      "shareholding_ratio": 1.72,
      "shares_held": 5816340
    },
    {
      "FY": "FY22",
      "period": "2022/12",
      "rank": 10,
      "name": "株式会社静岡銀行",
      "shareholding_ratio": 1.67,
      "shares_held": 5649508
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