This is a song by the Japanese folk rock band Happy End, released as part of their second album Kazemachi Roman (Wind City Romance) in 1971. They have been referred to as the "Japanese Beatles" as this album has a strong influence from albums like Rubber Soul. They were also the first Japanese rock band to sing in Japanese.
The album paints a nostalgic picture of Tokyo before a wave of modernisation and development swept the city in 1964 in preparation for the Summer Olympics. The Olympics served as a statement to the world that Japan would not be defined by its imperialistic, militaristic past. One example is the Toikaido Shinkansen (the first Bullet Train), which opened to coincide with the Olympics and has now become one of the most famous symbols of Japan.
(oh and as you can see from the thumbnail, this song was featured in Lost in Translation which makes sense because that film was set in Tokyo but otherwise I know nothing about it)