That has the identical muffler as the Oval badged Yamaha made Rogers R-360s/380s - made in the same period. Interesting - never knew Yammys had the same muffler.
Both the snares in this thread a beauties! Certainly worth keeping an eye out for.
Yamaha did not get into drum manufacturing until 1967or68, many years after other MIJ companies got into the game. It is speculated that (among other factors) they were late to the party because they were sitting back and watching the others (Pearl, Star, Hoshino) so as to learn from other companies' mistakes and experiences. If there is truth to this theory, it is evident in the quality of their drums dating even back to their first productions. Today, they all make good gear. The historical view is that perhaps more than any other MIJ, they have the reputation as never making any junk at all, regardless of which model.