The Japanese made few JOLs - or conversely few have survived. I sold two in my May 2018 auction. One of these, Lot 79, was identical or close in size to this one. Here is how that lot description read:
”The Japanese made a half-hearted attempt to penetrate the JOL market dominated by Germany in the 1920s and through the mid-1930s. They were largely unsuccessful. Consequently, JOLs produced in Japan, especially early compo-wash-over-cardboard examples are breath-takingly rare. This one measures ~4.75” high by ~5.5” across. (All measurements exclude the bale, if present.) The multi-piece inserts are original.”
That lot sold for a scant $66 - a true bargain. This one is in better condition. I feel these are rare enough that they should bring $100-150.
07/28 Update: Inexplicably, this sold for only $56.69.