Hilton Devaluation have now absolutely going nuts.
I guess their redemption system made this change several years ago. An (semi-fixed and unpublished) award chart for limited number of reward rooms, as well as surge pricing, which will be the points redemption option, once reward rooms are fully booked. In this case, you're basically using points to pay flexible rate at (pretty terrible) Honors-cash exchange rate, sometimes can be low as 0.2 cents per point.

The following list is points per night for some random dates from now till July:
Conrad Centennial Singapore: 126k
Conrad Tokyo: 215k
Conrad Bora Bora Nui: 346k
Waldorf Astoria Jerusalem: 352k
Hilton Moorea: 229k
Hilton Tel Aviv: 244k

You have to search for a particular hotel on a particular date and see what its costs.

Disappointing to see the increase when just few days ago I saw Hilton Tokyo for 60K/night in November.

They don't publish a chart anymore. As noted below, you can figure out a property's standard rate by running searches. That rate has now gone up (yet again) at many properties.

You can use them at any property using points + cash.

You may find a better value by finding a 30K room though.

Registered Aspire cad yesterday for the 120,000 bonus points. Haven't charged anything and leaning towards not. To me, 120,000 points is now about 75,000. Not the same deal.

While they have been giving points out for many years, churning has definitely increased. 10 years ago, it was not what it is today, and that is a fact. Hilton is also guilty of giving out Diamond way easier.

You're reaching very deep to attempt to articulate these points have no cash value and instead were promised to be redeemed for a certain award chart. Care to show me this award chart that is implied Hilton guaranteed to everyone before they pulled the rug out? Or is this something you feel entitled to because XYZ? You said it yourself that by keeping prices unchanged, demand would likely exceed supply. Since you seem to be more of the "purported economic genius," what kind of sense would such a business model make? We're quick to point out the negatives, by holding points, they could be worth less. Inversely, should the points appreciate in value if we hold onto them longer, and they are redeemable for properties who have far exceeded their cash value for when we once earned the points?

I think you also need to re-educate yourself on what an open market is. Here is the definition according to Merriam-Webster. Take it up with them that they are wrong, and you are right
Look, I'm not defending Hilton here. This is disappointing to hear for an already disappointing rewards program. There were already many instances that these award points could jokingly equate to Zimbabwe dollars. However, we are most mad that they are not meeting a valuation that large internet communities assigned to them as we all discuss ways we squeeze every penny out of points programs in a strong economy. What did we really expect?

Hilton Warsaw used to be 17K on cheapest days.

You seem to have misread my comments entirely, as that is definitely not what I said. And I don't see much point debating with someone who doesn't understand economics (but just to make one fundamental point, in this "market" Hilton is the government, because it issues the currency, controls the inventory, and sets the pricing).

HGI Hong Kong (Mong Kok) has been bumped by more than 33% - from 30K to 4OK for all dates that I checked. So unfortunate...

I see they have upped the bonus points offering on AMEX cards. 150,000 is today's offering for Aspire card.

Those are almost certainly premium rooms, which have their own pricing algorithm and have very little to do with the devaluation of standard room awards being discussed.

No. Thats the lowest award for standard room I can get on certain dates.

You appear to misunderstand the difference between standard and premium rooms. Screenshots from Conrad Tokyo...

Post a screenshot if you've got dates where the standard rooms are pricing above 95k.

I certainly know Standard Room Rewards maxes out at 95k, but the problem is, right now I've seen more surge pricing (aka "Premium Room Rewards") dates in the list of hotels I gave, than even last year.
Still, points redemption right now are going absolutely nuts.