I was planning to transfer Chase Sapphire points to ANA or JAL miles (so I can finally try flying business class), but I just noticed the estimated value on https://thepointsguy.com/guide/monthly-valuations/ is 2 cents for Chase and 1.4 cents for ANA (they don't have JAL). Is there a much better way to spend Chase points?

What puzzles me is that I come up with a much higher valuation for ANA miles. Looking at SFO-TYO this summer, I see non-stop business is $8k, first class $20k (30% cheaper with a stopover and a less nice airline).

The mileage requirements are:

• ANA
  • Business 75-85-90k (low-mid-high season)
  • First 150-150-165k (low-mid-high season)
• JAL
  • Business 50k
  • First 70k

So the $8k business fare and the 180k ANA points for the return flight suggest 1 ANA mile = 4.4 cents, not 1.4. Why such a discrepancy? I guess I'm wrong somewhere, because by my calculation 1 JAL = 8 cents, which is too insane to be real.

I understand that the miles value is lower for the economy class, but IIUC business (or upgrades to business) is considered the sweet spot for miles usage.