022 Ishiwata was among their best awhile back. The lugs don't look bad nor is anything about the bike Italian, other than the name. It could've been made by any number of builders in Japan. The components and all make it worth one fifty if it fits you well. I've a feeling that you got it for less so, no foul.

Rothenfeld DOES have a point. Although Colnago isn't famous for offering Japanese bikes anywhere near to the extent of Bianchi, the bike could have in fact been sold by Colnago. I've seen such examples as late as the late 1990s, different bikes, in different colors, parts and name. The very last one was called an International, it was Colnago in name only. This MAYnot pertain to THIS bike but it just goes to show. Perhaps no foul, an example of "left handed" marketing.