The first corporate logo was "TOKIWA", not "OLYMPUS". "TOKIWA" was derived from Tokiwa Shokai, the company which the founder, Takeshi Yamashita, had worked for. Tokiwa Shokai held an equity stake in Takachiho Seisakusho and was responsible for marketing Takachiho products.
The logo reads "TOKIWA TOKYO." The "G" and "M" marks above are believed to be the initials of, Goro Matsukata, the president of Tokiwa Shokai.