It’s two tone. The black has been hazed over the yellow to create the illusion of a red band - or as the Japanese factory does so often, replicate a faded three tone burst from the sixties. Ironically the reds Fender used up to the early 60’s were very strong pigments and generally didn’t fade.. If it was genuinely red it would be obviously red. Why would you change guns to spray a red band for it to end up being questionable as to whether it’s red or not? Dudes in the booth probably pump out 20+ a day and this fake three tone saves time and money,. As for the lower bout having no “red” that’s because NO Fender P or J ever had red there because it was always fitted with a guard therefore hiding the red. Fender’s policy was always to save that 9 inches worth of red paint coz you were never gonna see it anyway. On top of not wasting red there, the guy painting that section of the body saves approximately ten seconds of time by not bothering to feather out the black. Pic 1: a three tone 74 body with no red wasted under the guard, pic 2 my 68 P body with no red wasted under the guard.
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