Parchment, a bronze medallist at the 2012 London Games, clocked 13.04 seconds, with Holloway taking silver in 13.09sec. Another Jamaican, Ronald Levy, claimed bronze (13.10).
 Holloway burst out of his blocks in blazing sunshine at Tokyo's Olympic Stadium and quickly built up a lead directly from the first hurdle.
The American looked completely in control through 60 metres, but then tied up, allowing a fast-charging Parchment a way back into the race.
The 31-year-old Jamaican made no mistake from lane seven, producing a classy final three hurdles and push for the line for the first global medal of his career.