Tokyo-based workshop that is still active today.
Badges and watch fobs made by Kurihara Medal Works/栗原徽章製作所
Reverse
支那事變従軍記念 - China Incident Service Commemorative https://asiamedals.info/threads/china-incident-commemorative-badges-and-watch-fobs.22957/
+ two dates written in different systems.
皇紀二千五百九拾七年 - Imperial year 2597 = 1937
昭和拾二年七月七日 - Showa era 12th year 7th month 7th day = July 7, 1937
Original case
支那事變 - China Incident
従軍記念 - Service Commemorative
Fakes made after this watch fob are also known https://asiamedals.info/threads/fake-japanese-badges-and-watch-fobs.29745/#post-370476.