The Bank of Japan on Wednesday left its assessment of the economy largely unchanged despite the second-quarter gross domestic product data released Monday indicating Japan has slipped into a recession.

The central bank's statement on monetary policy said the economy "has continued to recover moderately as a trend," unchanged from the previous release Oct. 31.

It noted that "some weakness particularly on the production side," due mainly to the backlash from front-loaded demand ahead of the April 1 consumption tax hike from 5 percent to 8 percent.