The Japanese government will decide whether to join the planned Chinese-led Asian Infrastructure Investment Bank by late June if governance standards and other conditions are met, a senior vice finance minister said Thursday.

If such conditions as fair governance are assured by the proposed AIIB, "we'll make a decision" on Japan's participation, Isshu Sugawara said at a press conference.

His remarks came after Japan chose not to take part in the new institution by Tuesday's deadline set by China for accepting founding members for the AIIB, citing such concerns as governance standards and the screening process for providing loans.

"Although we've raised these issues with China, we haven't received specific responses," Sugawara said, indicating Japan's stance will not change unless the government obtains answers from China.

The new institution expected to be established by the end of this year will confirm founding members in mid-April and aims to agree on governing rules and investment ratios by the end of June through negotiations.

About 50 countries have expressed their intention to become members of the AIIB, but Japan and the United States are standing back from joining.