I'd first thought that this watch was a typical Italian sounding Japanese watch, but it's actually a genuine Italian designer model.
The watch is by an Italian designer brand called Vabene. The Vabene brand is designed/owned by Giorgio Grimoldi who is the son of the Grimoldi Milano jewellery dynasty. Giorgio started his own company straight out of design school and with Vabene has mixed his style with the refinement of the family business. The Vabene name is meant to reflect a typically Italian way of life (but translates to O.K) and, according to Giorgio its basic values are those of design, innovation, creativity, sophistication, style and originality, and above all, fun!
The brand releases a new design every 6 months, and as far as I can tell this model is from 2010. It is called the Adesso XS and is part of the Adesso family of watches which all seem to have this rectangular polycarbonate case. According to their website, "the ice-inspired material follows the curve of the wrist to become a modern sculpture connected by a silicon band. With all components stacked and visible in a see-through case, Adesso embodies a harmony between design, art and fashion."
This model is the XS and is primarily a ladies model, but works for men with small wrists. It has the curved clear case of the Adesso models with a two hand dial. Around the outside of the dial are small jewels for hour markers, with the top and bottom (12 and 6) marked by 2 lines. The strap is a thin black silicon material and has the Vabene name moulded into the back of it.
The back of the watch has the Vabene logo and series name, and shows this is 5 atm water resistant. It also says this is an Italian design, but I've found some sources that say the watch itself was made in China.
The model number is ADSSBKXS and is easy to decipher (ADSS Adesso, BK Black, and XS model name).