I have a figure of a lady (maybe bisque) and on the bottom it says in red Made In Occupied Japan and then above it it has a circle with an M and a C inside of it. Know what that means?
What you have mentioned is a manufacturer's mark. To date, 213 various marks have been catalogued on Occupied Japan items, but we know there are many more that haven't yet been documented. The color of the mark is not significant.
During the Occupation, Japan needed to rebuild its economy and exported thousands of items through hundreds of various manufacturers. Some of the marks, such as Andrea, Ardalt and Lefton, have become significant as they were pieces of a higher quality and beauty.
Bisque figurines are usually among the most desirable items, as most were done with care and attention to details. It is your figurine that would have value; not the mark. If you wish me to research it and give you an idea of its book value, the best way is to send me a clear photo with the dimensions. A photo of the mark would also be appreciated. If you send those, I would be happy to assist you.
Addendum after photo sent
That's what I needed! Great photo and your lady is bisque. She also has a mate somewhere. The pair can be found in Gene Florence's 6th Book, "Occupied Japan Collectibles" on page 38, Row 3, #2.
He gives the value for the pair at $30-$35. However, I have seen the bisque items like this go for $20-$25 for the single piece on Ebay. AND...if someone has the gentlemen and needs the lady to complete the set, it might even go higher. She's a very nice item. Good luck.
Ms. Sam Armijo