The airline of Manchuoko - the Japanese puppet state in Manchuria, or Northeast China, which was twice as big as France - received some 14 Ju 86s from Germany in 1938 and 1939. Although the airline fulfilled military purposes, the attractive yellow, black, white, blue, and red roundel is the company logo while the military roundel was different. The name of M-223 is given as Huánglóng or Kōyrū, which both mean 'yellow dragon', but the characters on the nose do not seem to match to my untrained eye.