This is a lighted Yomega model sold under the Bandai name and sold exclusively in Japan. The equivalent model in the U.S. was the Yomega Strobe-Yo. Used a plastic transaxle sleeve. The body was essentially a Yomega Fireball/Raider modified to hold the electronics of the light effect.
Of interest... When the Hyper Mirage came out in Japan, the equivalent Yomega version—the Strobe Yo—was not yet available in the U.S. The Hyper Mirage was the first lighted Yomega model.