He added, however, that growth in retail spending would likely slacken in April and May.
The Japanese economic growth has slackened considerably since the late 1980s.
Restrained by the drought and a worsening trade situation, economic growth slackened in the third quarter to an annual rate of 2.2 percent, the Commerce Department said today.
Most statistics in recent weeks, including those on retail sales, have suggested that growth is slackening.
Still, most online stores left in business are hardly shrinking; their growth has merely slackened from a torrid pace.
While retail sales may have fallen lately, he added, preliminary economic indicators show that growth has not slackened in the second quarter.
Moreover, the evidence that growth is slackening, though certainly not yet conclusive, is mounting daily.
Economic growth slackened a bit in early summer as consumers spent cautiously for most big-ticket items, a survey by the Federal Reserve of business people around the country found today.
The Commerce Department report also showed that growth in consumer spending slackened in the latest quarter, much of the drop coming because of reluctance to buy new cars.
The report, showing a higher level of unsold goods and less Federal spending, signaled to many economists that growth would slacken to a range of 2 to 3 percent in the current quarter.