The latter part of the sentence is true… well, the Taiwan part is true, I don’t know if Japan ever cheated in those games. I also doubt Japan would need to.
The first part of the sentence however is false. The players on the 500 bill were participating in a local all Aboriginal baseball tournament back in 1998. The tournament is funded and hosted annually by the association of Aboriginal pro-baseball players. All of the players are students of the Taidong Puyuma elementary school.
So while the 500 bill is celebrating Taiwan’s baseball culture, it isn’t specifically about performance in little league Word Series.