What period is this?
It looks similar to this one that is identified as a possible Japanese Merchant Marine cap badge:
Believe for Japanese Merchant Marines. Hand embroidered of heavy gold bullion wire on black wool. Very fine quality. Shows only minor wear and age.
Exc + $ 75.00 RARE
Yours does not have the Japanese flag behind the fouled anchor, and your laurel leaves are different.
FOUND IT !!!!
WWII Japanese Navy Reserve Petty Officer's Hat Badge $55