Army War College Graduation Badge https://asiamedals.info/forums/army-war-college-graduation-badges.640/.
1st variation.
Obverse
Japanese guards unit emblem
reverse
近衛歩兵第一聯隊 - 1st Guards Infantry Regiment
在隊記念 - Military Service Commemorative
guardsbadge designed after war college badge
imperial japanese army badgejapanese guard unit watch fob
japaneseguards regiment badgejapaneseguardsunitbadge
在隊記念章
近衛師團在隊記念章
近衛歩兵第一聯隊在営記念章
Badges with a similar design https://asiamedals.info/threads/manchurian-incident-commemorative-badges-and-watch-fobs.23177/page-3#post-349361; https://asiamedals.info/threads/badges-and-watch-fobs-of-kwantung-army-flying-corps.20131/ ...
1st class badge.
Made in gilded silver.
Reverse
顕彰 - Commendation
近衛二会 - 2nd Guards Regiment Association
Original case.
第一級 - 1st class
顕功章 - Merit Badge
近衛二会 - 2nd Guards Regiment Association