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

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 its policy rate unchanged at 0.5%. The bank revised down its GDP and CPI outlook, yet emphasised uncertainty regarding the outlook. Read more