This may in part be due to the fact that the European Central Bank focused on reducing intra-Euro yields. These operations actually lifted German bond yields as the safe heaven effect subsided and in fact strengthened the Euro. The net sale of Eurozone bonds (i.e. net inflows) was strongly  2  See e.g.
Events have since vindicated that September decision; in particular, the rand has depreciated quite sharply recently, demonstrating that some of the risks we had in mind were not already priced in by asset markets. It is, perhaps, unfortunate that some market players were surprised by our decisions.