Look up the creepy background music that goes with it in the NTSC-U version...
Also, a direct english translation of the text says
Fun = Infinite
SEGA Enterprises
Majin
So, nothing bad, except it's signed by MAJIN. That means the Devil (god of demons). This happens when you enter a certain code in the sound test on Sonic CD. Imagine being me though, like 11 playing Sonic CD and playing with sound test and THIS comes up. Haunted my dreams for like 2 months.
I found out that it was supposed to be a creepy yet effective form of DRM. Basically,if the game ROM didn't match the checksum, the game would start to this screen to stop piracy. Like other unused images etc, it can be found using Sound Test on a legit copy.
Well, my main question is, why did Sega even use that in the game?
Also I went on Youtube to check a vid of it. I've heard that music before. I'm really sure I did, and in a different game. I don't remember which game though...