Debated often on internet forums, I believe the problem of carbon-buildup with higher-octane gas to be urban legend. Likewise, unless the engine has knock sensors that are engaging or has adaptive ECU's (neither of which our old bikes have) I don't think higher (or lower) octane makes one whit of difference in power or fuel mileage as the energy densities of regular and premium gas are about the same.
My opinion: Spending more on higher-octane buys you more headroom for destructive engine pinging, nothing more and nothing less.
I'd bet the 95 octane requirement in older Japanese owner's manuals is RON which is about equivalent to US premium which is typically 90-92 pump octane as marked on the pump. There's a good conversion chart between the three octane measurement systems (research octane number, motor octane number, and pump octane number which averages the other two):
RON MON PON
90 83 86.6
92 85 88.5
95 87 91
96 88 92
98 90 94
100 91.5 95.8
105 95 100
110 99 104.5
My CB750K1 says to use "91 research octane number or higher" which would be regular grade. I use this and I've never noted any pinging.
- Mark