Obverse
義勇奉公 - Loyalty and Courage [Serve for the Nation with Loyalty and Courage; Spirit of National Duty and Service]
第二分團 - 2nd Branch (most likely Nihonbashi Ward, Tokyo https://asiamedals.info/threads/nih...-defense-maneuvers-participation-badge.24808/)
reverse
昭和九年度 - 1934
連合防空演習 - United/Union Air Defense Maneuvers
参加記念 - Participation Commemoration