(Bloomberg) -- Emerging-market currencies are the most mispriced, with the notable exception of the Japanese yen, according to a Bloomberg Economics' model that estimates fair values based on economic fundamentals. The Turkish lira and the yen are 43.8% and 22.9% below their equilibrium rates. The Czech koruna, Indian rupee and Chinese yuan are 37.6%, 25.0% and 20.8% too expensive relative to what the fundamentals suggest. Meanwhile, the U.S. dollar has received a safe haven bid, with the BE model showing it's about 7.6% overvalued. By contrast, the euro has become less attractive -- it's about 1% undervalued.
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