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 on Thursday left its key interest rate unchanged but revised down its growth forecasts, warning that US trade tariffs are fuelling economic uncertainty. Bank officials began lifting borrowing costs last year after nearly two decades of ultra-loose monetary policies aimed at kickstarting torpid economic growth in Japan.