Specter off road (across the top in one type of Japanese lettering) and something in a different lettering around the bottom that Google translate doesn't seem to know what to do with (I think it's Kanji which is  not used much anymore) so what that part says I dunno.  The center is the old school Toyota Motor Corporation logo. This was attached to a hat.  Some of the Iron on glue is missing from the back but it would sew on just fine 3 inch diameter size.