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Nope, it's being passed properly to the fex as '_FOC_MISSING'.
The SQL that it sends off to the database is being passed as 'MISSING' in quotes. So it's like the SQL is being written wrong by WebFOCUS, however the FEX is interpreting it properly.
This is the WHERE condition of the fex:
WHERE MyField EQ 'Value1' OR '_FOC_MISSING';
This is the SQL it writes:
(T1."MyField" IN('Value1', 'MISSING'))
It's like it can't translate _FOC_MISSING to a NULL on the SQL translation side of things. Because it's translating it literally as 'MISSING' it also puts it in an "IN" SQL clause instead of breaking out into an "OR" like it does in 8202M.