Your TV does interpolation on a 60Hz panel to achieve interpolated 120Hz refresh rate.
Interpolated 120Hz+ (Your Panasonic TV)- These technologies are the ones commonly used in LCD TV's where TV signal input is limited to 60 Hz anyway. To help overcome the issues relating to motion blur on such sets, manufacturers began to introduce a technology to artificially boost the frame rate of the screen. This is done by an internal processing within the
hardware which adds an intermediate and interpolated (guessed / calculated) frame between each real frame, boosting from 60Hz to 120Hz. This technology can offer a noticeable improvement in practice when it is controlled very well. Some sets even have 240 and 480Hz technologies which operate in...