See also https://asiamedals.info/threads/japan-germany-italy-friendship-morinaga-co-ltd-badge.24065/
Height 105 mm.
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日独伊親善圖畫 - Japan-Germany-Italy Friendship Drawings [Competition]
賞 - Award
森永製菓株式会社 - Morinaga & Co., Ltd. /confectionery company that was founded in 1899/...