An extrusion-type fine blanking with a negative clearance was proposed by the authors instead of standard fine blanking for creating a full-sheared surface in the micro blanking process. In this study, micro blanking experiments and finite element analyses with narrow, zero and negative clearances are carried out for the optimizing the clearance at which a shear cut surface can be finished with a full-sheared surface with the minimized punch load. Fracture criterion, hydrostatic stress and maximum punch stress for the conditions with various clearances are investigated. As a result, it was clarified that the clearance at which the cut surface does not fracture and minimization of the punch load is achieved is gained by the use of clearance −4 μm.