Prices for yield stocks are going crazy. I have several on the...

Prices for yield stocks are going crazy. I have several on the nzx and would love more of most of them but not at these prices. So looking at others among the less favoured.
I don't see the sense in bidding up yield stocks. Take PCT for example, it pays a dividend of 6c per year. The current sp is 1.74. Previously 1.35 was high. Even if 1.50 is reasonable and the sp drops to that then 4 years dividends are required to be even.
Is it the assumption that interest rates will be low for years to come, that there will be no shocks. Or do investors believe that they can get out quickly if necessary?
Lowering interest rates does not seem to be working. Why don't they try raising them instead?
The rational behind trying to combat deflation seems to be that if prices are falling consumers will put off buying as they know it will be cheaper later, which is supposed to be bad for the economy. But if people put off new purchases until they really needed them that would be good for the environment, which might be more important.