they are real fender guitars.
fender japan has been doing all sorts of limited runs and special runs of the mustang, jaguar, jazzmaster, basically all the cool guitars are over there.
there is a fellow on the shortscale that got an orange comp stang from over there a while back, he was pretty impressed with it from what i remember.
heck the jag-stang has never been discontinued over there.
the whole time that we were griping about not being able to em they were still cranking them out.