TOKYO - The Japanese government is likely to decide whether to join the China-proposed Asian Infrastructure Investment Bank(AIIB) by late June, local media reported Thursday.

If governance standards and other conditions are met, "we will make a decision" on Japan's participation by late June, Japan's Kyodo News citing Isshu Sugawara, head of the treasury and finance committee of the ruling Liberal Democratic party, as reporting.

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.

The new institution expected to be established by the end of this year will confirm founding members on April 15.

About 50 countries have expressed intention to become members of the AIIB.