Yes, what you are seeing is normal for an FRG-7. It's just the way they labelled the front panel on the radio, just a labelling peculiarity.
Also (and you probably already know this) when the MHz selector is on frequency, the red LED turns OFF. Another peculiarity. Fun radio, though. Works especially well on MW.
Thanks for the confirmation. Neither of these "features" are typical of what I've come to expect from Yaesu. I'm a BIG Yaesu fan. Although it might be seen as "heresy" by frog7 purists, mod of the "lock" led circuit to invert the led drive logic and replacing the red led with a green led would certainly be more conventional. The frog7 is a great little SWL receiver.......very sensitive. I've also discovered that at least on my receiver, the internal speaker has a much lower output than an external 4ohm speaker. I use a Heathkit HS-1661 whose impedance (at 1 KHz) measures 4 ohms. The HS-1661 is my go-to, favorite communications speaker.....very efficient, and true communications quality audio response.