This is a Superman parachuting figure from Japan dated 1979 on the lower right corner of the front. Though I don’t know the manufacturer, it was probably made by the same company as this slingshot parachuting Superman toy judging from the similarity in card art. This one’s slightly different than that figure in that the figure is larger (about 4-1/8″ high) and painted. The style reminds me a lot of the new Sofubi Superman out from Medicom. The parachute uses 1970s stock art from Neal Adams.
The front of the card says “Superman Parachute” and “58cm diameter”.
The back has the instructions, which read “Fold properly as shown, then throw up as high as you can.”
A few of these have turned up on Yahoo Japan Auctions recently, but there’s also one for sale on eBay if you’re interested in picking one up for your collection.