Product formula for the limits of normalized characters of Kirillov-Reshetikhin modules

The normalized characters of Kirillov-Reshetikhin modules over a quantum affine algebra have a limit as a formal power series. Mukhin and Young found a conjectural product formula for this limit, which resembles the Weyl denominator formula. We prove this formula except for some cases in type $E_8$ by employing an algebraic relation among these limits, which is a variant of $Q\widetilde{Q}$-relations.