9.14 Implied Real Interest Rates. If the nom- inal interest rate is the government bond rate, and the current change in consumer prices is used as expected inflation, calcu- late the implied real rates of interest by currency. a. Australian dollar "real" rate b. Japanese yen real rate c. U.S. dollar "real" rate 9.14 Implied Real Interest Rates. If the nom- inal interest rate is the government bond rate, and the current change in consumer prices is used as expected inflation, calcu- late the implied real rates of interest by currency. a. Australian dollar "real" rate b. Japanese yen real rate c. U.S. dollar "real" rate