I would think it's something simple. It doesn't appear to have electronic parts, so that's a plus. If it just "won't work", I'd start with the controller. I'm a novice machine collector, not a mechanic, but that's where I would start. Motors seldom fail on a sewing machine, so "won't work" usually means the motor is not getting power.
Also, I just saw this - It has that weird plug "thingy". The motor and foot pedal plugs have to be plugged into certain slots. If they are reversed, the controller won't work, but the light will come on. So, first try reversing how they are plugged in. (I had that problem with my MW 17 Jewel, also a Japanese made model. If this doesn't make sense, I'll try to be more accurate with my language.)
bkay