I picked up a fairly good-sized group of WWII-era Japanese insignia recently and this one almost immediately went missing, but last night I found it down between the sofa cushions. I only found only one similar item online and that was a Manion's sale where this one was called an "airtcrew wing." - but I don't want to trust a single reference.
So here's the one I got - same basic design but with very thick embroidery:
So here's the one I got - same basic design but with very thick embroidery:
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