I've tried the game on various emulators, and on all of them the status bar has some weird flickering problems.
At first I thought it was an emulation problem, but when I looked up the videos that richkakuo made of the game on real hardware I noticed the same flickering.
The US version doesn't have this problem.
Don't get me wrong, the game is perfectly playable that way, but it's obvious that some code cleanup was done when the game was overhauled for the US release.
I wonder if a more complete Japanese version of the game exists out there somewhere...
This magazine screeenshot seems to be closer to the US version with the "Parody World" title dropped and the monster eyes added: