I think I got the JP MD version? Its called Peacock King or something right?
Kujaku Ô 2, yes. Adapted from the Ogino Makoto's manga. (the first one was on the Master System, called
SpellCaster in the west if I remember correctly)
No need to wait for the naked Ashura/Alexandra to check if it's the japanese version, as the outfit of the protagonist is different from the beginning. =)
Speaking of which, I highly recommend the 2 anime OVA from Rintarô in all their 90's glory, but the Genesis/ Megadrive episode is related to the
Kujaku Ô 2: Genei-jô (
Castle of Illusion), from the earliest OVA trilogy released 6 years before.
Around the same time, there was also two movie versions, directed by the incredible and great Lam Nai Choi, the god of HK B-movies:
The Peacock King and
Saga of the Phoenix