This Japanese version, ファイナルノックアウト (Final Knockout), has the game taking place in a generic boxing ring using the publisher's name in place of the HBO advertisements found in the North American version. All of the fights in the game take place in the Las Vegas Hilton casino in the North American version. Even in the Japanese version, the options are mostly in English.
The Japanese version uses sweat while it is colored red for blood in the North American version. This is contrary to Nintendo's then-current censorship policy that blood should never be used in their games.
Source: Wikipedia, "Boxing Legends of the Ring", available under the CC-BY-SA License.