A sort of objective answer is given in the July 5 edition of The Economist Magazine with their Big Mac PPP Index (you can skip the next paragraph if you already know about this index and PPP theory.)

If you're not familiar with, this you'll need a capsule explanation: the theory of purchasing-power parity (PPP) says that exchange rates should equalize the price of a basket of goods in any two countries. Since a McDonald's Big Mac burger is famously standardized in its ingredients all over the world, it can be considered a "basket of goods" comparable across countries. If two currencies are equally valued -- that is, if their current exchange rate accurately reflects what each currency can buy -- then the price of a Big Mac in those two countries should be equal. For instance, suppose the currency of the country of Upper Slobovia is the ringo and it's currently trading at 100 ringos to the dollar. Since the average current US prince of a Big Mac is $3.41, we'd expect a Big Mac in Upper Slobovia to cost 341 ringos. If it costs less than that, that implies that the ringo is undervalued and consequently that Upper Slobovia will be a bargain for US travelers. If it costs more than that, then Upper Slobovia should be an expensive country. To put it in everyday terms, it indicates whether American travelers are likely to say about a given country "Things are cheap here" or "things are expensive here."

According to this index, the most expensive countries of those surveyed in dollar terms, where the Big Mac Index indicates the currency is overvalued against the dollar by at least 30%, are Denmark, Sweden, Switzerland, Norway, and most expensive of all, Iceland. Cheapest countries, where the currency is undervalued by at least 30%, are Egypt, Hong Kong, Indonesia, Japan, Malaysia, The Philippines, Russia, South Africa, Taiwan, Thailand, Paraguay, Sri Lanka, Ukraine, and cheapest of all, China.

The Economist isn't entirely serious about the Big Mac index and admits that it has some flaws when translated into reality; for instance, most American travelers will think Japan is more expensive than the index would implies. Still, it's interesting, and based on my own experience and what I've read from other travelers, it seems roughly accurate. So it looks like a good time for a leisurely visit to East Asia.