Upskirts, thongs and erect nipples are nothing new to fighters. No surprises that all are prevalent in Street Fighter IV and neither is the game's 12-and-up rating in Japan. But here they are.
The suggestive content is largely comical and not too far off base from what one would find in a comic book aimed at young boys. The interesting thing is that the more "realistic" Dead or Alive 4 snagged a 17-years-old-and-up CERO D rating in Japan and "Mature" in North America. (Maybe
In Japan, SFIV is rated CERO B — the rough "low teen" equivalent of ESRB's Teen rating. Likewise, SFIV is rated "T" by the ESRB for "alcohol reference", "suggestive themes" and "violence."