Hola...
Código HTML:
<script type="text/javascript">
function coloca(texto,idText){
document.getElementById(idText).value=texto
}
</script>
<select name='combo' onchange=coloca(this[this.selectedIndex].text,'cajita')>
<option value="peru">PERU</option>
<option value="japon">JAPON</option>
</select>
<input type='text' name='cajita' id='cajita' />
Con eso basta...