Japanese banks nationwide are prepared for April 1, when the government will remove its full guarantee on ordinary bank accounts, according to Tatsuya Ito, state minister in charge of financial services.

"Things are all set," Ito said in an interview this week, working to assure depositors that there is nothing to worry about.

Beginning April 1, bank deposits of more than 10 million yen will not be guaranteed by the government if an institution goes under.