The subsequent decade has been termed "the lost decade." During that time, Japan suffered from anemic growth and repeated bouts of very low inflation and deflation. Japan's experience re-emphasizes the importance of regulatory policies that may prevent feedback loops between asset price bubbles and credit provision.
The consequent global search for yield contributed to the appreciation of the currency for an extended period until around April 2012 which negatively affected South Africa’s competitiveness. This adverse trend was reinforced by domestic factors including higher input costs of electricity, transport and labour, as well as a decline in the terms of trade since 2010.