Vertically from right to left
七国守
歩中二
番一二七
The writings on Japanese dog tags don't usually contain the name of the soldier. They are abbreviations for the soldier's assigned unit, unit number, and the far left column would be an individual number. The middle column of this tag indicates the owner was in the infantry (the "歩" at the top of the middle column). The individual number is "127".
The far right column would indicate what type of unit the soldier was in. I don't know what these characters specify.