The recent volatility of the Nikkei 225 stock average should not be a cause for alarm, government officials assured Friday, but pundits pointed out that "Abenomics" seems to have a long way to go until the economy begins to show a robust and steady recovery.

While downplaying the key index's 7.3 percent plunge Thursday, the largest in over a decade, Chief Cabinet Secretary Hoshihide Suga said the government "will continue to watch closely market trends and their influence."

"Our economy is clearly in the process of recovery," Suga told reporters.