With regard to nominal interest rates, the declining trend in yields on 10-year JGBs observed through 2014 seems to be coming to a halt. While these developments are affected in part by developments in overseas interest rates, I think that they also stem from a domestic factor of the significant decline in term premiums on JGBs in recent years already having approached its limit.
It BIS Review 106/1997  -3was never the intention to try and fix the exchange rate of the rand at any predetermined artificial level, neither did the Bank try to keep interest rates unrealistically low.