Disclaimer- I have no idea how accurate my ac current clamp meter is at frequencies above 60 Hz; I know it's accurate on 3 phase 60 Hz stuff. I suspect it might be pretty good at 120 Hz (1200 rpm), but at 400 Hz, who knows.
On the good old SH-232;
at 1200 rpm, stator line current = 6.5 amp ; R/R output 12.8 volts DC
at 4000 rpm, stator line current = 11 amp; R/R output 14.2 volts DC
On the SH-775
at 1200 rpm, stator line current = 6.7 amp; R/R output 13.0 volts DC
at 4000 rpm, stator line current = 6.8 amp; R/R output 14.2 volts DC
With the SH-775, turning off headlight, resulted in an immediate drop of stator line current to 3.5 amp at 1200 rpm.
The tests were done with a bike that had ran for good half hour first, so everything should be toasty warm. The stator used was stock suzuki- likely 30 years old.
Apparently, the SH-775 is limiting the current flow from stator to what the bike needs at the moment- and no more.

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