Yup it's an odd term, but there is in fact 3 buttons on the panel for memory mode. Perhaps it's the equivalent of peak hold?It looks like this in action-
MM-4
Not sure how it works, I think it must be electromechanical given the vintage. And why "Memory Meter" - that always sounded like a very odd term to me.
An interesting page on the item is here. The author says it is a plasma screen display. Maybe not in the way of plasma screen TV's but maybe a variant on Nixie tube design?
Great looking, fun & funky unit. The only thing I've seen cooler than that is 17" quadscope display owned by Mark Anderson:
https://www.quadraphonicquad.com/forums/threads/technics-4-channel-afd-17-color-scope.22735/
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