Tsukamoto in this film strips away excess to reveal a animal emotions which are then stretched to excess. In this film anger, violence, pain and revenge drive the action.
Tsuda and Kojima witness the murder of a girl they like and while both vow to find and punish the killers only Kojima holds on to the twisted dream to become a second rate boxer. Tsuda becomes a salaryman in a sexless relationship in which they spend the evenings watching old films (I spotted Metropolis and another which I can't place). A chance meeting between the two after many years awakens the anger that Kojima feels towards Tsuda, and the former begins making a play for Hizuru, Tsuda's girlfriend. This in turn leads Tsuda to become angry and he turns to boxing to get revenge on his former friend. Meanwhile Hikuru becomes a masochist, autonomous of both the males.
The fairly graphic violence is mostly make up and is so over the top it is clearly to make the point mentioned in one of the other comments: violence is often the first recourse in a situation. However, as opposed to a film like Rocky where the violence leads to personal redemption, or an emotional force like Raging Bull, the violence is non-cathartic and meaningless. It is almost as if the characters are driven to behave in a certain way as a reflex reaction.
Fast editing, powerful sound effects and blue colours mark the film out as Tsukamoto's style, and the transformation theme is another element that he returns to. Lots of fun for me, but the person I was with didn't have a clue what was going on. Make your own decision, but there is no relationship to Fight Club whatsoever: this is about human emotion, not social issues.