I'm not an expert on Japanese clocks. Maybe someone else will post more information.
All I can tell you is the name of the company was (is) Toyo Watch Company. It is (was) located in Japan as you thought.
Before WWII they made watches and novelty/alarm clocks and after WWII started, they made products for the war effort. When the war ended, they started their clock/watch manufacturing again.
An interesting note: Right after the war, they stamped on some of their movements "Made in Occupied Japan" I guess due to bad feelings with the US at the time.
Thanks by: Anonymous
Thank you for your input.This has been one haaard item to locate anything at all on the web