The Bank of Japan on Friday released an economic assessment that for the second consecutive month was slightly less bleak, saying moderate deterioration will continue for "quite a while."

"Japan's economy still continues to deteriorate as a whole, but the pace has moderated somewhat," the central bank said in a monthly report on recent economic and financial developments.

In its previous report for March, the BOJ eased its assessment for the first time in 20 months, saying, "The economy still continues to deteriorate as a whole, although the downward pressure from exports and inventories is gradually abating."