I'm pretty sure that it's an identifier of the forging die used for that particular rod.
If you can ever find one, the "X" rods (from back in the late 70's) were the best of the best, in my opinion. Finding one that isn't worn out would be little running across a unicorn, but you never know!
I believe that the "early" con-rods from Yamaha were made from better material. They are definitely considered "light" rods, but I never had the big-end go out of round on one of those early rods, even in my direct-drive Yamaha that regularly turned 17,000. When Yamaha change the forgings slightly to make the "beefier" looking rod, I believe they used material that was not as good (cost savings?).
To add one other piece of information (that you didn't ask for, haha), shoot for about .0013" clearance on the big end, and .0009"/.0010" on the small end. That seems to be what works best for performance.
PM