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The Bank of Japan kept its rates steady at 0.75% as expected, but noted that inflation risks now are tilted to the upside due to the Iran war.
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Global markets slid after the Federal Reserve held rates steady and warned of persistent inflation, while an Iranian missile strike caused "extensive damage" to Qatar's Ras Laffan LNG hub, heightening fears of a fresh energy shock.
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Investors in Asia will look toward the Bank of Japan decision, which is expected to hold rates at 0.75%.
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Before the conflict began, analysts had expected a cut in the Bank rate at this meeting.
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Jerome H. Powell, the chair of the Federal Reserve, emphasized the high degree of uncertainty stemming from the conflict as he acknowledged the potential for surging energy prices to lift inflation and dent growth.
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Oil prices have surged in recent weeks, threatening wider inflation.
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