This is an original WW2 Imperial Japanese Army Wound Badge - Type A, "Sen-Sho" - issued only to soldiers wounded in combat. The badge features a red-enameled iron cross with four ancient shields, surrounding the image of samurai hero Kusunoki Masashige, a symbol of loyalty and sacrifice. The reverse is engraved with " " (Military Wound Badge - Combat Wound), clearly identifying it as the Sen-Sho version.
This is rarer than the Ko-Sho (non-combat) variant, which is more common among post-service injuries. It includes the original wooden presentation case with gold-stamped on the lid and ...