A curry-based purchasing-power gauge devised by Geoff Yu, a senior strategist at Bank of New York Mellon, suggests the yen remains sharply undervalued even after Japan's recent currency intervention. Using prices from CoCo Ichibanya, Yu's Katsu Curry Index put fair value at 62.18 yen per dollar versus a market rate of about 159.05 on Wednesday, compared with 80.30 yen on The Economist's Big Mac Index. Yu argues the measure better reflects how yen weakness is felt in Japan because curry rice is more embedded in Asian daily consumption than burgers. The yen has already surrendered about half of its intervention-driven rebound from a four-decade low against the dollar, while higher costs for travel, imports, meals and other household spending are increasing pressure for policy action.