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
大日本聯合青年團十周年記念大會- Great Japan United Youth League 10th Anniversary Conference
Original case.
大日本聯合青年團十周年記念 - Great Japan United Youth League 10th Anniversary