TOKYO -- Japanese Finance Minister Taro Aso said Japan will not join the China-proposed Asian Infrastructure Investment Bank (AIIB) by the deadline of March 31, local report said Tuesday.

Speaking at a press briefing after Tuesday's cabinet meeting, Aso said that Japan has to maintain caution toward the AIIB, according to Japan's Kyodo News.

Japan, which follows the United States, keeps such cautious attitude toward the AIIB despite urges from many experts and business leaders that Japan should have a positive manner to the new development bank.

More than 40 countries have filed applications for the AIIB's founding membership, including other world's major economies.

The AIIB, which will support infrastructure projects in Asia, is expected to be officially established by the end of this year. The application deadline is March 31 and the founding members will be confirmed on April 15.