We report improved measurements of time-dependent CP violation parameters for B-0((B) over bar (0))-> J/psi pi(0) decay. This analysis is based on 535x10(6) B (B) over bar pairs accumulated at the Upsilon(4S) resonance with the Belle detector at the KEKB asymmetric-energy e(+)e(-) collider. From the distribution of proper time intervals between the two B decays, we obtain the following CP violation parameters S-J/psi pi(0)=-0.65 +/- 0.21(stat)+/- 0.05(syst) and A(J/psi pi)(0)=+0.08 +/- 0.16(stat)+/- 0.05(syst),which are consistent with standard model expectations.