Yes, type \b (backspace) to remove the last character. In a nutshell:
System.out.print('/'); System.out.print('\b'); System.out.print('-'); System.out.print('\b'); System.out.print('\\'); System.out.print('\b');
Please note that this one does not work in the Eclipse console due to an error. However, in the command console, it should work fine.
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