In 1970 Seiko produced watches like this; dressy, good looking, practical, brimming with features and affordable. This is the Seiko 5 from 1980 and a variation is still in production today.
Comparing this to a similar priced Swiss watch, these are the charactaristics that most Swiss equivalents lacked; Durable gold plating, integrated metal bracelet, automatic wind, day and date, quick day and date change.
Okay, the Seiko was popular because it had the bells and whistles at a good price (just like the Toyotas with cassette players etc) but, at a time when Japanese products where perceived to be inferior, the Seiko was expected to be unreliable and not as durable as a Swiss watch. In time this was proved wrong with the Seiko outperforming just about everything in every way including watches many times it’s price.
This watch has the amazingly simple 7009 movement which evolved from the 7005 and went on to be, with modifications, the workhorse of all Seiko mechanicals to this day.