The Bank of Japan chose to keep its monetary policy steady as markets expected. Earlier today, Japan’s central bank announced its decision to hold short-term interest rates at -0.1% and 10-year government bond yields at around 0%.

The board voted 7-2 in favor of maintaining the interest rate targets, amid rising uncertainties concerning trade and global economic growth. In an official statement regarding the monetary policy decision, BOJ states, “Downside risks regarding overseas economies are big, so we must carefully watch how they affect Japan’s corporate and household sentiment.”

USD/JPY has fallen lower to trade at around 107.60, but this is possibly more because of a weakness in the USD following yesterday’s dovish FOMC.