I was told this came with some WWII US stuff, but not crazy about the unfinished edges. Could have been one of those souvenir flags made by enterprising GI's in the field?  I thought maybe the translation may help. Thank you for any input. Ken 

Hi.

The characters on this flag are words to pray for something and a person's name.

 

・Characters in the red frame: “祈武運長久”
　Words to pray for good luck on the battlefield

 

・Characters in the green frame: “必勝祈願”
　Words to pray for sure victory

 

・Characters in the blue frame: “贈石井日出雄君”
　Present this flag to Hideo Ishii
　*Probably a flag celebrating his enlistment

 

・Characters other than the above
　Names of those who prepared this flag

 

　from the right
　Yoshiro I☒ji, Tsuguo Kanai, Makoto Sakakibara, Shizuo Kobayashi, Sigeru ☒☒, Rikio Kon☒, Ichiro Takai, ☒☒ Sakurai
　* "☒" is a character that was faint or extremely omitted and could not be read.

Wow! Thank you so much for all your work. Ken