Note the traces of ribbon that once was attached to the suspension.
Reverse
聖恩奉體國民精神作興旗拝載式 - Ceremony for Rising the Flag to Honor the Spirit of the Nation
皇太子殿下御降誕奉祝大會 - His Royal Highness the Crown Prince’s Birthday Celebration Conference
記念章 - Commemorative Badge
昭和九年五月 - May 1929...
1929 great japan united youth league badge
japan youth league 10th anniversary badge
japanese youth league badge
youth league badge
大日本連合青年団記念章
皇太子殿下御降誕奉祝大会大日本連合青年団十周年記念大会記念章
青年団章
青年団記念章