Looks like you are correct. I googled the company name and this is all I found;
"As early as 1938, the survivors Lionel, Marx, and American Flyer faced competition from Sakai (also sometimes spelled "Seki"), a Tokyo-based Japanese toy company who sold trains priced at the low end of the market. The product designs most closely resembled Lionel, but with Märklin-like couplers and detail parts that appeared to be copied from Ives"
I also have a pair of turnouts I couldn't indentify. They look like O gauge, but with an 027 profile. The name Sakai is embossed, but I had no clue that was the name of the company.
Thanks