In file "sz3e.03c" The region is located at offset $101E-$101F.
Unencrypted Rom: Change $101E From $0A To $02
Encrypted Rom: Change $101E-$101F From $BE83 To $80B9
The .keyfile does include more than the master key. Mame decodes the data before it's used for decryption.
If you want to see how the data looks decoded you can do the following from a command promt:
mame -cc (create mame.ini)
Open mame.ini with a text editor and change "log 0" to "log 1"...
Mame are not using hardcoded master keys anymore. From Mame 0.178 (Released 2016) did they start to use a 20 bytes ".key" file instead that can be programmed onto a CPS2 motherboard. It's possible to extract the 64 bit master key and the watchdog instruction from the file but not really needed...
There are three sets in Mame. Two of them change does let you change region between US and Europe, via the Jumpers, The Williams Licence set can't be changed to Japan region.
You need the set called "Zerowing1 (Zero Wing 1 Player version) in Mame to be able to change region to Japan.
Only the...
You can also verify the pcb sticker (841-0017B) with the part number for the game cart, in Mame's Naomi driver...
"Mobile Suit Gundam: Federation Vs. Zeon - 841-0017C"
"Power Stone 2 - 841-0008C"
(The letter that follows the part number)
A = for the Naomi mainboard
B = for the PCB
C = for the...