Originally Posted by burden

I have no way to verify this, but these folks claim the opposite: "... Panasonic, too, sold rebadged Taiwan bikes under their name. You can tell an Osaka-built Panasonic bicycle by its distinctive serial number on the front of the lower headlug, which I think is unique, at least to bikes of that era and style."

The phrasing is awkward. But Osaka is in Japan.