CPO is believed to be the acronym for Central Purchasing Office, a department that was responsible for purchasing various products in occupied Japan in a 1947-1952 period
and selling these goods to the Allied Forces (and only) with no taxation. A variety of products bear this mark from the Japanese occupation period: cigarette cases, cameras,
satsuma porcelain, lacquer, vinyl records, etc.
Majority of the cigarette cases bearing this mark are layered by a red lacquer, but there are pure silver and even damascene examples as well.
On large items (boxes, vases, plates, etc.) the CPO mark is usually accompanied by the "made in occupied Japan" stamp.