Yeah, you are probably right. Some further investigations led me away from the "Norco" brand since it seems the head badges were riveted on. This frame has no holes there. After peeling away the repop Kuwahara sticker, its is clear that I large rectangle headtube decal was on there since the chrome in that area is much cleaner than the rest.
I have seen a couple other frames online now that have the same tubing, but different dropouts, chain stays, and on some the welds are not as clean as the frame above. I suppose the same tubing was being used by different manufacturers. Perhaps some were Japanese built and some were Taiwanese built. Not familiar with Giant at all really.
Hey whats up thats crazy i just posted a pic yesterday tryin to find out what i got and its very close to this frame same ovaled type bars and the brake mount looks to be the same mine has 2 small holes where there was a badge looked to be round serial # on mine starts with an R