Marvelous’ Muramasa: The Demon Blade site has a Q&A with developers Nakamura and Mori answering important questions about their upcoming game. They explain the difference between the game’s two modes, if Muramasa: The Demon Blade will have full voice acting (it does), and how many characters you run into (if you count NPCs over 100).
All the way at the end, a 19 year old male asks if Momohime will flash her panties in the heat of battle. Nakamura replies, “N…never! Wearing panties underneath a kimono is unsophisticated. You can’t see something that isn’t there! Absolutely… you won’t be able to see… Wait a second, Sayo…” Mori chimes in, “Hey! Please stop looking at Muramasa: The Demon Blade from such a wicked perspective!”
Oh good. Glad that was cleared up. Gotta hand it to Marvelous for picking out burning questions like this and actually answering them.