The Bank of Japan kept its benchmark interest rate unchanged after uncertainties grew over the economic outlook and government stability after the ruling coalition recorded its worst election result since 2009.

Gov. Kazuo Ueda and his fellow board members kept the non-guaranteed overnight call rate at about 0.25 percent, according to his statement released Thursday. This result was expected by all but one of the economists surveyed by Bloomberg.

The worst election result in 15 years for the ruling Liberal Democratic Party undermines its power to determine economic measures and coordinate nimbly with the BOJ. The US presidential vote is also looming next week, leaving investors on guard for potential market volatility.

The central bank said it needed to pay attention to developments in foreign economies and the U.S. economy in particular.

While the central bank reiterated its intention to raise rates when its inflation outlook materializes, it also cited the high level of uncertainty ahead.

The collapse of global markets in August, which followed the BoJ’s rate hike in July, could be another factor that gave the bank reason to err on the side of a cautious stance for now. The BoJ has been criticized for helping trigger the stock slide by failing to signal its intention to raise rates well in advance.

The worst election result in 15 years for the ruling Liberal Democratic Party undermines its power to determine economic measures and coordinate nimbly with the BOJ. The US presidential vote is also looming next week, leaving investors on guard for potential market volatility.

The central bank said it needed to pay attention to developments in foreign economies and the U.S. economy in particular.

While the central bank reiterated its intention to raise rates when its inflation outlook materializes, it also cited the high level of uncertainty ahead.

The collapse of global markets in August, which followed the BoJ’s rate hike in July, could be another factor that gave the bank reason to err on the side of a cautious stance for now. The BoJ has been criticized for helping trigger the stock slide by failing to signal its intention to raise rates well in advance.

“The BoJ cannot wait too long to further reduce its stimulus measures. “With wages and prices rising, and the yen facing renewed downward pressure, the risk of inflation exceeding the 2% target could increase,” said economist Taro Kimura.