Ultimate Ninja 4: Naruto Shippuden PS2 Cheat codes

Unlock all bonus characters (including the fourth Hokage). Then at the character selection screen, hold R1 and press Circle when choosing a character to play as their Demon or Kyubi form. Note: Not all characters have an alternate form.

Have a saved game file from Naruto: Ultimate Ninja 3 on your memory card to unlock all characters except for Chiyo, Deidara, Itachi, Kisame, Sasori, and Yondaime. To unlock those characters, complete the following tasks:

Chiyo: Successfully complete Master (Story) mode.
Deidara: Defeat him in Master (Story) mode.
Itachi: Defeat him in Master (Story) mode.
Kisame: Defeat him in Master (Story) mode.
Sasori: Defeat him in Master (Story) mode.
Yondaime: Successfully complete Hero mode.

Successfully complete the indicated task to unlock the corresponding character:

Gaara (old version): Defeat Gaara's nearly full Shukaku version with Naruto in Hero mode.
Godaime Hokage (Tsunade): Unlock the scene where she attacks Orochimaru in Hero mode.
Haku: Defeat Haku in Hero mode.
Jiraiya: Unlock the scene where Naruto protects Tsunade from Kabuto in Hero mode.
Kabuto: Defeat Kabuto with Naruto in Hero mode.
Kankurou (old version): Unlock the scene of his fight against Shino during Konoha's Invasion in Hero mode.
Nidaime Hokage: Unlock the scene of Sandaime's funeral in Hero mode.
Orochimaru: Fight against Orochimaru with Naruto in Hero mode.
Sandaime Hokage: Defeat Orochimaru using him during Konoha's Invasion in Hero mode.
Shizune: Unlock the scene where Tsunade attacks Orochimaru in Hero mode.
Temari (old version): Unlock the scene of Temari's fight against Shikamaru during the Chuunin Exams in Hero mode.
Zabuza: Defeat Zabuza in Hero mode.

Have a saved game file from Naruto: Ultimate Ninja 3 on your memory card to start the game with 100,000 Yen.