Thank you. Guess you're right - it is the exchange rate that is slightly off the market rate and fees are incorporated into it. However when I called AmEx and other banks they referred to it as a foreign transaction fee - that's why I used the term.
Guess my question should read are there any cards using the market exchange rate but it seems highly unlikely.

I found this http://creditcard.e-ocean.biz/info/charge.html but I don't know if I can trust the chart (Citi told me 3% on the phone) so I really don't know.
I've heard about Citi's USD card but I can't find it in their current line-up here http://www.citibank.co.jp/ccsi/ja/cardlineup/index.html