According to my wife. It looks like the writing on the left is probably Chinese and the the writing on the right is Japanese for somebody called Ishi (family name) who was a section boss. Maybe some kind of memorial watch for him. Sorry can't be clearer but the kanji is difficult to understand clearly.
The inscription is in Chinese, making the watch a gift from a Chinese person 余文彪 (in modern pinyin rendering, Yu Wenbiao), to a Japanese person whose family name is 石井 (Ishii). It reads top to bottom, right to left, thus:
石井 Ishii
主任 Head of Department
惠存 literally "kindly take possession", but usually marked as a gift to someone.
余文彪 Yu Wenbiao
持贈 offers as a gift
So, rendered in English:
"To Department Head Mr Ishii, From Yu Wenbiao".
I do not know the age of the watch, but the penmanship of engraving suggests something more than a few decades old. If it was before the end of WWII, then it was probably made in occupied China.
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