This game is called Hiryū no Ken S: Hyper Version, released in Japan in 1992 as an update to Hiryū no Ken S: Golden Fighter. The update added a "hyper" fighting speed, similar to the "turbo" speed in Street Fighter II.
The game was released in the U.S. in 1994 as Ultimate Fighter.
I thought I was the only one around here who played those games, or could list em. Nice to see google (and our own personal experiences) can even categorized video games like that.