1934 Tochigi Town National Navy Parade Commemorative Badge/昭和九年栃木町国行進海軍記念章

Reverse

栃木町國行進 - Tochigi Town National Parade

海軍記念 - Navy Commemorative

昭和九年 - 1934

 

Another example.

Watch fob was found inside the case with a label of Asahi Industry Co., Ltd. https://asiamedals.info/threads/badges-and-watch-fobs-made-by-asahi-industry-co-ltd.23427/