Japan's economy slows as consumer spending flags

http://www.latimes.com/business/la-fi-japan-econ-20120813,0,1807255.story

Japan's economy grew at a slower-than-expected annualized rate of 1.4% in the second quarter, adding to worries about the global outlook, as consumer spending flagged following a rebound from last year's earthquake and tsunami disasters.

The protracted crisis in Europe took a heavy toll also, as feeble demand hit Japan's export sector.

Although the pace of growth dropped sharply from a revised 5.5% growth rate in the previous quarter, Japan's economics minister, Motohisa Furukawa, struck an upbeat tone, saying the economy "continues in an uptrend, led by domestic demand."