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The headstock volute makes me think it's not a Matstumoku produced instrument. On the other hand Ibanez and Greco neck throughs of the late '70s and early '80s commonly had volutes, so it may have come out of Fujigen or perhaps Terada, who apparently produced some stuff sold by Ibanez.
Of course it may not be Japanese at all. It could be South Korean, as the Koreans started making neck through guitars at the beginning of the '80s.
I came across this post and I have been looking for information for a while now about these Martinez basses – there don’t seem to be that many around. I have a very similar one (P-J and fretless – not defretted), which I have been restoring for a while. It was absolutely covered in nicotine and looked almost blue when I bought it. I’m not quite finished, but almost there. Now, it is a lovely thing to look at and to play.
Anyway, the research I did, lead me to it being a Matsumoku bass. It has similar feel (I have a couple of Matsumoku basses and it has a very similar in quality). Your post suggests different? If you have any more information on them, I’d be very grateful?