Using a more sophisticated model, Stephen Jen, of Morgan Stanley, reckons that the yen is 12% undervalued against the dollar, whereas the yuan is only 7% too weak.

运用一个更复杂的模型，摩根斯·坦里的Stephen Jen认为日元对美元低估了12%，而人民币则仅是7%。

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Their motives may be partly political: Mr Jen tartly observes that the Europeans have had nothing to say on the value of the yuan recently.

ECONOMIST: Capital and companies from China are sidling into Europe