Masudaya • Founded 1924 • Tokyo / Japan The K.K. Masutoku Toy Factory was a venerable Japanese toy maker whose corporate history dates back three quarters of a century. Masudaya was a leading builder of mechanical and battery operated toys in the post war period, and unlike most of their competitors, has managed to survive to this day. Masudaya normally identifies their toys using the M-T, or Modern Toys logo.