For a while I've been semi-actively looking for one of these. This is apparently the first automatic watch from Orient, started in '61. A neat feature is that it has a winding system exactly looking like the "pellaton" system from iwc!
Very nice!, it does look very much like a modified 854 - but no great surprise, as Seiko and Citizen also seemed to have bought the rights to use Swiss designed movements in their early years.
I believe it's fairly common knowledge that Seiko went to Switzerland to acquire machines, movement rights and to study the Swiss watchmaking industry/processes, in the early years.
Thanks all I just need a nicer strap, this one is cheap and doesn't fit very good. I forgot to mention that this caliber is based on the "Royal" caliber from Orient. (well I read it in one of the linked stories above)