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To evaluate eddy current losses of permanent magnets (PMs) in motors driven by inverter power supplies in less computation time, we propose the coupled 2-D analysis of the motor and 3-D eddy current analysis of only the PM. In the proposed method, we carry out 2-D nonlinear magnetostatic analysis of the PM motor by rotating the rotor. We then perform 3-D eddy current analysis of only the PM using the temporally varying flux distributions in the PM obtained from the 2-D analysis. For 3-D eddy current analysis, we investigate methods that do and do not consider the compensation field generated by eddy currents. Moreover, for the case in which the compensation field is considered, we demonstrate the method of considering the reluctance of the motor core by the equivalent gap. Finally, we verify the proposed method by comparing results obtained using the proposed method and results obtained by full 3-D analysis for an interior PM motor. We show that the eddy current loss can be estimated in 1/15 of the computation time required for full 3-D analysis when the proposed method takes both the compensation field and the reluctance of motor core into account.