12/08/2026
When Curry Becomes an Economic Indicator
Forget the Big Mac Index.
A Bank of New York Mellon strategist has created a “Katsu Curry Index” to measure just how undervalued the Japanese yen may be.
Using prices from CoCo Ichibanya — the curry-rice chain with around 1,500 outlets globally — the index suggests a strikingly different valuation for the yen than conventional exchange rates.
But for me, there is another fascinating story here.
Tamil Curry arrived in Japan through its British connection. Today, it is so deeply embedded in Japanese everyday life that economists can use the price of a plate of curry to help explain the value of the yen.
Think about that.
A food that travelled east during the British era didn't merely survive in Japan. It was adapted, embraced and ultimately became part of the country's modern food culture.
Today we have a Katsu Curry Index.
Meanwhile, back in Britain, we are talking about a £5 billion Curry Crisis.
Perhaps curry history still has something to teach us.
There is a striking contrast here: Japan, where the post-chilli-era curry tradition arrived through British Empire links, turned curry into something so mainstream that it can now become an economic index — while Britain is discussing a £5 billion Curry Crisis, without recognising that much of what it still serves is rooted in the pre-chilli-era Company Curry tradition.
Sometimes the foods that travel are reinvented.
Sometimes the foods left at home stop evolving.
Source - Further Reading:
One bank strategist argues that an international price comparison for the pork-and-rice dish — rather than burgers — gives a better sense of how the yen’s retreat feels.