it works against most of ninjutsu attacks but not all and tobirama can't use it while minato can...!
here's a thread on it...!
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and @RikudouMadara he was probably going to touch them and teleport like he did against obito's bomb but that makes me wonder why didn't he make 4 clones and teleport each bomb with one clone...! well plot or may be he really isn't that good with ftg afterall...!
and now that i think about it, minato mentioned a way so it could be the way...