Just checked IC ANA Beppu, normally in Japan, Sat-Sun is the most expensive night and I can see points rates of up to 190k for standard Classic room. Ranges from 130kish points to current max at 190k, admittedly for Christmas season on 27 Dec, but still that would have been 120k points until a few days ago. The cash rate corresponding to the 190k points is around 1.1k USD so it still comes out around 0.578 cents / point. Though on another date the same rate of 1.1k USD costs 174k or 186k points so go figure .

If that ratio of ~0.5 cents was to hold on average, it would more indicate IHG trying to eliminate arbitrage opportunities for higher value per point by letting the max points amount "float" up. Why people are supposed to buy points at 0.5 cents then is a different story. YMMV