Seiko or Feiko?

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Hi, I just bought this (pictured) Seiko 7002-700LR today. It was listed as an "7002-7001J". Can anyone can answer why that is? Explain it like I'm a three year old, if you would.

Now to the important question. Is it real? In my opinion it seems legit but since I am new to this "hobby", I wanted your opinion on the matter. Also, any value reference would be gladly received.