Admittedly, some of the major currency’s movements during the past year can be regarded as normalizing. On a purchasing power basis (a crude measure of what different currencies can buy in terms of real goods), the euro was absurdly overvalued at $1.60, just as the yen was absurdly undervalued at over ¥120 to the dollar.
诚然，一些主要货币在过去一年中的变动可被视为正常化。在购买力基础（一种衡量不同货币可以购买实际货物的基本标准）上 ，欧元被荒唐地高估在1.60美元上，而日元则被荒唐地低估在一美元兑120日元以上。而商品货币也不得不从其戏剧性的高度跌下。