Well, a quick Google search led me to find out that it is a Taiwanese bike, not Japanese. Rod-brake bikes are (were) very common in China from the pre-Mao era onward, and I'd assume that the same is true for those on the island of Formosa. The company is known as the Fong Kee Iron Works, Ltd., and they don't apperar to make bicycles any longer. Chances are, it's only value is as an oddity, not as a serious collectible.
BTW, are you sure the rims are 26", and not 28"?
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