Well, I've been trying to research this and having not much luck. So far decal style suggests early 1980s, latest 1987. I haven't got an earlier limit yet -- not many 1970s catalogs available for comparison. Between the red paint, the serial, and the Japanese parts, it's probably a Japanese Bianchi. (Not that I mind, since then it would be excellent quality.)

The combination of cantilever brakes and many eyelets on drop-outs probably means it was a touring bike. I can't even find a list of Bianchi touring models, though I did manage to rule out a few model/year combinations. It is probably from the Canadian or US market.

Anyone else got some ideas?