Manchukuo, Japan and Nanjin National Government Flags.
Obverse
新東亞建設東京懇談會 - New East Asia Construction Tokyo Conference
紀元二千六百年 - 2600th Imperial Year = 1940
Reverse
催主 - Sponsored by
東京市 - Tokyo City
Original case.
新東亞建設東京懇談會參加章 - New East Asia Construction Tokyo Conference Participant Badge
紀元二千六百年記念 - 2600th [anniversary of the founding of the Empire] Commemorative
Badges were manufactured by ヤチヨ製作所 - Yachiyo Works.