The yen dropped hard on Wednesday in Tokyo after the Bank of Japan refused to raise rates, even as President Donald Trump’s aggressive tariff strategy hammered global markets. The BoJ left its benchmark interest rate frozen at 0.

The yen weakened after the Bank of Japan halved its economic-growth forecast, citing uncertainty around President Trump’s tariff war. The central bank expects growth of 0.5% in the 12 months ending next March.

TOKYO (Reuters) -Japanese trading houses Mitsui & Co, Sumitomo Corp and Sojitz on Thursday issued cautious profit forecasts for the current fiscal year as U.S. tariffs threaten global supply chains and increase economic uncertainty.