Catches by Japanese whalers have fallen well short of the country's quota, with only 266 taken in the Antarctic season that just ended, Fisheries Minister Michihiko Kano says.
Japan blamed bad weather for the poor harvest.
Kano said the catch comprised 266 minke whales, well short of the "scientific research" quota of 850 set for that smaller species, and one fin whale, far from the quota of 50 fin whales allowed by the International Whaling Commission.
During the previous Antarctic season, disruption at sea by protesters from the Sea Shepherd conservation group forced whaling boats to abandon chases.
In the just-completed season, Japan stepped up countermeasures, but Sea Shepherd again disrupted some chases.
The whaling fleet is due back in Japan at the end of this month after crossing the Pacific.
The reduced catch might lead to the government reducing its funding for next season's whaling.
The catches are formally described as a research program.
A world moratorium on commercial whaling began in 1986.
Kano said Tokyo would analyse the issue and then decide what to do next.
Tokyo has rejected international criticism of its whaling operations.
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