Before you go and get ammo, or get set up to load the ammo, make CERTAIN that it is still a 7.7mm Jap.
Many of the sporterized Arisakas were rechambered, or rebarreled. And they don't always have the correct caliber marked on them.
I have even seen one "bubba" job in a shop, with a tag saying it was 7mm Rem Mag!
If it is still a 7.7mm then reloading is your best bet. I have made brass from 06 cases, it works. I do have a bag of factory new brass (graf, I think) around here, somewhere...which I will use the next time I do a run of 7.7 ammo.
The proper loads for the 7.7mm Jap are the ballistic duplicate of the .303 British. The 7.7 uses the same bullet (.311-.312") and at the same speed as the .303 Brit.
This Arisaka is now a .308 Win. Extensively reworked metal (action) new barrel and new wood.
Nobody does this much, these days, its simply not cost effective today.
This is what it would have looked like, before....