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The actual and theoretical values of the yen diverged in the April-June quarter. 
Datawatch

Yen selling continues despite positive real interest rates

Actual exchange rate stands at 9.6 yen lower than theoretical value

TAKAKO GAKUTO and KAZUYA MANABE, Nikkei staff writers | Japan

TOKYO -- Downward pressure on the yen is growing, with the Japanese currency touching 115 to the dollar, a four-year low. This compares to an equilibrium exchange rate of just below under 100 yen to the dollar, based on the raw economic strength of Japan versus other countries.

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