This particular yo-yo has a thick plastic body, metal axle, and black string. The Santa character appears on one side of the yo-yo and packaging; Captain Santa's sidekick, a reindeer, appears on the opposite side of the yo-yo and packaging. While the packaging has 1985 printed on it, that is probably the copyright year of "Captain Santa". The yo-yo is likely from the mid 1990s.
Interesting choice of sayings on the yo-yo and package:
"Be a boy with a mind as broad as the sea"
"Be a girl with a heart as tender as mermaid's"
"Captain Santa makes your dreams come true - From Santa Island"
"We are the best friends of all the Santa Island crew - Crew Tony"
Captain Santa Sports Club is a Japanese apparel brand manufactured by Joymark Design Co. Ltd. They began in Tokyo in March, 1975. Their corporate running themes are love of the sea and America, and to cherish your dreams above all else.