Originally Posted by T-Mar

National was the brand name used for M-a-t-s-u-s-h-i-t-a (hyphens added to circumvent auto-censor) products in Japan, while Panasonic was a brand name created in the 1950 for products marketed outside Japan. National and M-a-t-s-u-s-hi-t-a were both phased out in the early 21 century, in favour of the more globally recognized Panasonic name, early in the 21st century.

M-a-t-s-u-s-h-i-t-a established a division called the National Bicycle Tire Co. to manufacture bicycle tires and created the Panaracer name for them. The Japanese market tires were produced with the National branding, so I'm a bit surprised to see Panasonic on a bicycle branded as National. The National name was still being used on tires for the Japanese market at this time.

Regardless, it's definitely a National (Panasonic) bicycle.