I think this is an item made in Japan during the 1920s as an homage to the first-rate German pieces with a similar look made from ~1916-1921. The German pieces have eyes that lean toward each other rather than away as with the piece up for auction. None of the German items from this set have crepe paper sides. (Most Japanese candy containers liberally use crepe paper.) Its value is about half of what a German-made item would bring. I would opine that at its current price, it is already fully valued, if not more so.
02/08 Update: This sold for $316.
