One would assume it's for an Asian market the same way that Japanese Megadrives were sold in certain asian markets.
Definitely not a Japanese product. All Japanese consoles (and I think Saturn hardware in general) start with the HST prefix. Yours starts with MK. I'm w/ Jamtex. This is for some miscellaneous country.
The Philipines and South Korea were two odd countries that used 220V for power but had NTSC-M for a TV standard. Hong Kong is another country that you find 220V machines that play Japanese games (the Playstation and Playstation 2 fro example).
I have a grey Saturn that has an MK code. It says Asia on the label. It too ends in 07. UK Saturns also use MK codes, ending 50 (like our games). There are indeed countries in Asia that use either PAL or NTSC, different voltages, or a combination of both. Actually, half of Japan runs on 60Hz mains and the other half runs on 50Hz mains. Some countries even cross standards for television signals and even power ratings. Of course, saying it is Asian isn't much help, as Asia is the largest continent and there are over 50 countries in Asia. So, how many of them do you think run exclusively in the 100-120V range? Half perhaps? Actually, it's 2 - Japan and Taiwan. Lebanon has both 110V and 220V. Indonesia, Saudi Arabia and Vietnam originally ran on 127V mains, but now also have mains in the 220-240V range, and are standardizing with the higher voltage. So, all we can say is it wouldn't be for the Japanese or Taiwanese market! Is it outputting PAL or NTSC? As for it only playing Japanese games, that is merely the region lock on the console. They would set that to whatever would be appropriate for the country they sell it in. They're hardly going to set it to USA or Europe in, say, China. If you get hold of games from Asian countries, you'll probably find they'll play on Japanese machines... I've not tried it so I wouldn't know.
That is a strange Saturn. Has the Japanese katakana for Sega and made in Japan but the list is in English. I've not seen one of them before.