I picked this up recently from Japan… it’s a Superman rack toy with a pair of small parachuting figures and a blue plastic slingshot to hurl them into the sky. The figures are very small standing about 1-1/4″ or so high, and are of unpainted plastic. What’s nice about this particular set is that it comes with two figures, so instead of losing your new Superman on the roof within five minutes of getting it home from the store, you can lose two Superman figures within ten minutes. Pretty sweet.
I don’t know the exact date or manufacturer, but I’d guess it’s probably a late 1970s piece judging from the 70s Superman artwork on the parachute.
Helpful Reddit user mamoit offered this translation:
“Superman (slingshot included)”
The back says:
“How to use the parachute
As seen in the picture below, fold the parachute and fling it as high as possible.”
There’s another Japanese Superman parachute toy that I’ve seen but I don’t own yet… it features a similar slingshot, but the figure is larger and painted. If you have one, please send me pics!