The Bank of Japan kept its benchmark interest rate unchanged amid widespread market expectations that Governor Kazuo Ueda wouldn’t raise rates given the uncertainty stemming from US tariffs.

The Japanese central bank’s governor and other officials have voiced concerns about rising uncertainty over the impact of U.S. trade policy and how other countries will respond.

The Bank of Japan kept interest rates steady and sharply cut its growth forecasts today, suggesting uncertainty surrounding US tariffs and the hit to exports could keep policy in a holding pattern for some time.