The way it was explained to me by a guy in the UK (who has been riding Hondas for FIFTY years now) was that the system is related to year of reign of the Japanese Emporer. Apparently his reign commened in 1925 (year "0"), hence 1969 is the 44th year of "his" reign, with the month / day numbers appearing in US date order.
So, just add 25 to the year number....Date of the carrier in question is 44.5.8, which becomes 1969, May 8th.
I have found these "showan" dates on quite a number of engine components now, including cylinder barrel top fin, clutch baskets, cam carriers, inside valve covers,... Not always on the same parts within different engines though. Just today found them on a set of rear brake shoes in a '71 750K2 ("46" being the showan year in that case).
Whilst the ink is reasonably robust, must be to have lasted 40+ years so far, solvent cleaning will certainly take it off.
Happy New Year to you all - Chris R.
Having posted the above, KP very kindly did some research and established the facts wrt the dating sytem...
In fact, Hirohito's reign was from 25 December 1926 to 7 January 1989, with 1926 (all 6 days of his reign during it) being year 1, 1927 being year 2, etc, until we get to 1969 which is year 44.
The simple ruse of adding 25 to the year number works, but not because that is the year of his accession. Detailed explanation of the way the Japanese calendar system works can of course be found in great detail on the internet for those who want to know more.
Thanks again to KP for setting the record straight. - Chris R.