This old watch is a bit mysterious.
It may have been originally a Japan item, or even supposed to be a Japan Only item, but it seems that some Sega company officials, or maybe executives or even people within the company who won some sort of prize could have ended up with this watch as well. Special edition or within-company-items like this were sometimes shared overseas, especially in that era.
Notice that this watch is unlike all others on these pages. It is specifically designed to be a watch for adults / grownups and is not of the 'sport' variety. It has a steel chain and clasp band, and a steel body. The bezel edge is gold-tone with ridges. The face has lines instead of numbers & is analog. It tells you the date in the little window. (Aside: How did this work week by week & month by month?) The watch face has been custom-done for Sega, with full color Sonic & Tails back to back, using the Japanese art (So Tails looks good/normal) It also has the Sega logo in its font, with '92, so you know when it was released.

Being a company-only thing, this is by default uncommon. It is interesting to see.