The actual bargain is that the 2 night stay cash rate is 120 euros / 200 AUD.
Fixed redemption rates practically always work in the favour of the FF program, except for some situations e.g. where you can purchase points at a discounted rate as with ALL Signature.
Calling Ibis Styles a "quality hotel" is also a stretch, but considering Japanese standards it's probably not terrible if you just need a (small) bed to crash on and don't plan to spend much time in the room. 100 AUD per night is about the going rate for your standard Japanese 2.5 star business hotel, which is what this would compete with.
