Bhashya
दक्षिणा दिक् दक्षिणे प्राणाः; तथा प्रतीची दिक् प्रत्यञ्चः प्राणाः; उदीची दिक् उदञ्चः प्राणाः; ऊर्ध्वा दिक् ऊर्ध्वाः प्राणाः; अवाची दिक् अवाञ्चः प्राणाः; सर्वा दिशः सर्वे प्राणाः ।एवं विद्वान् क्रमेण सर्वात्मकं प्राणमात्मत्वेनोप-गतो भवति; तं सर्वात्मानं प्रत्यगात्मन्युपसंहृत्य द्रष्टुर्हि द्रष्टृभावं नेति नेतीत्यात्मानं तुरीयं प्रतिपद्यते; यम् एष विद्वान् अनेन क्रमेण प्रतिपद्यते, स एष नेति नेत्यात्मे-त्यादि न रिष्यतीत्यन्तं व्याख्यातमेतत् ।अभयं वै जन्म-मरणादिनिमित्तभयशून्यम्, हे जनक, प्राप्तोऽसि- इति ह एवं किल उवाच उक्तवान् याज्ञवल्क्यः ।तदेतदुक्तम्- अथ वै तेऽहं तद्वक्ष्यामि यत्र गमिष्यसीति ।स होवाच जनको वैदेहः- अभयमेव त्वा त्वामपि गच्छतात् गच्छतु, यस्त्वं नः अस्मान् हे याज्ञवल्क्य भगवन् पूजावन् अभयं ब्रह्म वेदयसे ज्ञापयसि प्रापितवान् उपाधिकृताज्ञानव्यवधा-नापनयनेनेत्यर्थः; किमन्यदहं विद्यानिष्क्रयार्थं प्रयच्छामि, साक्षादात्मानमेव दत्तवते; अतो नमस्तेऽस्तु; इमे विदेहाः तव यथेष्टं भुज्यन्ताम्; अयं चाहमस्मि दासभावे स्थितः; यथेष्टं मां राज्यं च प्रतिपद्यस्वेत्यर्थः ॥
In plain words
South is a direction, and the southward breaths go with it. So too the west, with its westward breaths; the north, with its northward breaths; the zenith, with its upward breaths; the nadir, with its downward breaths -- and every direction, with every breath there is. Working through them one by one like this, the knower comes to recognize the whole of the vital force as his own self. Then he draws that all-encompassing self back into the innermost self, and lets go even of being a seer, saying "not this, not this" -- until he reaches the Self that stands beyond the other three, the Fourth. This very teaching -- "the Self is not this, not this" all the way to "it comes to no harm" -- has already been unfolded earlier. "You have reached fearlessness, Janaka," Yājñavalkya said, "free of every fear that birth and death bring with them." This was the promise being kept -- he had once said, "I will tell you where you are going." And Janaka answered him: "May that same fearlessness come to you too, Yājñavalkya -- you, teacher, you who have shown us the fearless Brahman itself, by clearing away the ignorance that our limitations threw in the way. What could I possibly pay you for this teaching, when what you gave me was my own Self, with nothing standing between? So let my homage be yours. Let this whole kingdom of Videha be yours to enjoy as you wish. And as for me -- I stand before you now as your servant. Take me, and take the kingdom, exactly as you please."
Close to the Sanskrit
The southern direction: the southward breaths; likewise, the western direction: the westward breaths; the northern direction: the northward breaths; the upper direction: the upward breaths; the lower direction: the downward breaths; every direction: all the breaths. Thus the knower, by this progression, comes to attain the all-comprising vital force as his own self; having withdrawn that all-self into the inward self, negating even the seer's own seer-hood by "not this, not this," he attains the Self that is the Fourth. That which this knower attains by this progression -- this very passage, beginning "the Self, not this, not this," and ending "is not harmed," has [already] been explained. "Fearlessness indeed -- free of the fear caused by birth, death, and the rest -- O Janaka, you have attained," thus, so the story goes, Yājñavalkya spoke. This fulfills what had been said earlier: "Now indeed I will tell you that to which you will go." Janaka of Videha then said: "May fearlessness itself come to you as well -- you, who make fearless Brahman known to us, O reverend, worshipful Yājñavalkya -- that is, you have brought us to it by removing the obstruction of ignorance caused by limiting adjuncts; that is the meaning. What else could I offer as the fee for this knowledge, when you have given me my own Self outright? Therefore let homage be to you; let this kingdom of Videha be enjoyed by you as you wish; and I myself now stand in the position of a servant; take both me and the kingdom as you please -- that is the meaning."