麦当劳是全球大型跨国连锁餐厅，在该餐厅中巨无霸这一商品销量较高。从1986年开始，《经济学人》以美元为基准货币，用各国麦当劳餐厅中的巨无霸价格与之比较，以衡量该国货币在理论上是否被高估或低估。本研究采用2000-2019年的原始巨无霸指数、经GDP调整过的巨无霸指数、基于CPI的有效汇率、基于GDP平减指数的有效汇率、名义有效汇率探究人民币与日元之间是否存在低估或高估现象。

关键词：巨无霸指数、人民币、日元、有效汇率

McDonald's is the world's largest multinational restaurant chain, in which the sales of Big Mac is higher. Since 1986, The Economist has used the US dollar as the base currency and compared it with the prices of Big Macs in McDonald's restaurants in various countries to measure whether the country’s currency is theoretically overvalued or underestimated. This study uses the original Big Mac index from 2000 to 2019, the GDP-adjusted Big Mac index, the effective exchange rate based on CPI, the effective exchange rate based on the GDP deflator, and the nominal effective exchange rate to explore whether the RMB is underestimated or overestimated to Japanese yen.

Keywords: Big Mac Index, Chinese Yuan, Japanese Yen, Effective Rate