Persona 5: Iwai (Hanged Man) confidant choices & unlock guide

The mysterious store owner that provide the Phantom Thieves with their firearms for their heists isn't just a shopkeep - he's also one of the confidants you get to know as a friend in Persona 5 and Persona 5 Royal. That means Iwai Munehisa comes with all the confident benefits - he represents the Hanged Man arcana, and comes with skill unlocks that prove very useful as you continue on your adventures. On top of that, you make a crucial new friend.

This guide is here to help you with that - it lists all the conversations you have with Iwai over the course of the ten ranks of the hanged man confidant cooperation, plus the best choices to make so that you can zip through this cooperation quickly and rank it up in order to free up more time to spend elsewhere. Simple!

We have the same sorts of guides for every confidant in the game - so check out our Persona 5 Confidant guide for the rest. 

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Iwai Munehisa Confidant Cooperation Relationship Guide - Hanged Man (Le Pendu - XII)

Here's every single cooperation rank and conversation with Iwai around rank-ups. The point values after answers show what each answer adds to the hidden stat that tracks your relationship - once those numbers hit certain thresholds you rank up, so you want to get to the highest rank you can.

You should always have a Hanged Man Persona on your person when you hang out with Iwai - that gives you a bonus that makes the point values as displayed on this page, and ensures you level up your confidant cooperation quickly.

  • Iwai's cooperation is always advanced by visiting him in his shop at night. He's in his shop at day, but won't entertain advancing your friendship then.

Rank 1:

  • After 5/6 and once you see the event in the airsoft shop with the 'package' you have to hold, talk to Iwai with rank 4 (dauntless) guts to start this cooperation.
  • Unlocks Starter Customization, allowing you to tweak your guns for battle.
  • Impactful Conversation Choices for this Rank:
    • Post-Rank 1: "So what's my first job?"
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Rank 2:

  • Impactful Conversation Choices for this Rank:
    • Choice 1: "That's probably the signal." to call him.
    • Choice 3: "How's your cold?" +2 / "What should I do now?" +2
  • Bonus: Proficency Up

Rank 3:

  • Impactful conversation choices for this rank:
    • Choice 2: "I always knew you were a thug." +3 / "Y-Yakuza?!" +2
    • Choice 3: "We made a deal, didn't we?" +3
  • Unlocks Medium Customization of your firearms.
  • Bonus: Proficency Up

Rank 4

  • Impactful conversation choices for this rank:
    • Choice 4: "Where's my reward?" +3 / "You two should play nice." +2
    • Phone Call (P5R): "I agree." +2
  • Bonus: Proficency Up

Rank 5:

  • Impactful conversation choices for this rank:
    • Choice 2: "You're pathetic." +3
    • Choice 3: "That's right." +3 / "I'll stick around for the guns." +3
    • Phone Call (P5R): "You're right."
  • Unlocks a Discount for gun customization.
  • Bonus: Proficency Up

Rank 6:

  • Impactful conversation choices for this rank:
    • Choice 3: "Girls." +3 / "That's a secret." +3 / "Our futures." +2
    • Choice 4: "You should buy is something." +3 / "Right." +2
    • Phone Call (P5R): "He's my age, so it comes easier." +2 / "All I did was listen to him." +2
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Rank 7:

  • Impactful conversation choices for this rank:
    • Choice 1: "Absolutely." +3 / "I guess he likes guns." +2
    • Choice 2: "He's clever." +3 / "What a crafty bastard." +2
    • Phone Call (P5R): "Bring it on." +2
  • Unlocks Expert Customization for your guns.
  • Bonus: Proficency Up

Rank 8:

  • Requires rank 5 guts.
  • Impactful conversation choices for this rank:
    • Choice 1: "I did it all for Iwai." +3 / "It most definitely was." +2
    • Choice 2: "I will." +2 / "I want to help." +2
    • After this a sidequest / request for Mementos is unlocked, Shady Deal in the Shadows.
  • Complete the quest, then return to Iwai.
    • Choice 1: "I dunno." +2
    • Choice 2: "I guess I could consider it." +3 / "If you pay me well." +3 / "I'm back, baby." +2
    • Phone Call (P5R): "Understood." +2
  • Bonus: Proficency Up

Rank 9:

  • Impactful conversation choices for this rank:
    • Choice 1: "Are you sure he's alive?" +3 / "That's great news." +2
    • Choice 5: "Tell him the truth." +3 / "You need to trust your son." +3
    • Choice 6: "He's a cool kid, huh?" +3 / "Karou is really strong willed." +3 / "He gets that maturity from you." +2
    • Phone Call (P5R): "Like father, like son." +2 / "Gecko bonds go beyond blood." +2

Rank 10:

  • Any choices you make will be irrelevant, since this is the max rank.
  • Unlocks Special Customization, the maximum type of gun type weapon customization.
  • Unlocks Attis for fusion.
  • Bonus: Proficency Up
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