Donald Trump’s quixotic trade war appears to have entered the tilting-at-windmills phase as the U.S. president sees “big, beautiful” deals that just don’t seem to be there.

The Bank of Japan revised down its growth forecasts and held interest rates steady on Thursday, warning that trade tariffs are fuelling global economic uncertainty. Masamichi Adachi and Go Kurihara of UBS said ahead of the BoJ policy meeting that "market fragility and uncertainty in the global economy due to the US tariff/trade policies" would lead the BOJ to hold rates.