Looks ok to me, different fading on the characters. Translation can not help with. Just hope it does not say made in China........just kidding.
The only part of the dedication I can read is 祝 "Shuku" -- Congratulations. The recipient's name is blown away by the hole and otherwise obliterated by the staining. There are a couple of maxims I clearly see.....
Loyalty and Bravery
Signed: 小河 治代 Ogawa Haruyo
Hisshō no shin'nen
Believe in Total Victory!
Signed: Kubota 久保田
And bottom left margin:
Seven lives/generations to serve the country
Very interesting piece. It looks like it has been removed from a battlefield.
Collect ROA, Cossack, Schuma and other WW2 Volunteer militaria.
"Be Humble and kind, for you may find that it was Odin you entertained"
I like this flag , a very nice " been there " example .
We are the Pilgrims , master, we shall go
Always a little further : it may be
Beyond that last blue mountain barred with snow
Across that angry or that glimmering sea...
Looks like that one has been there for sure. Looks like a little blood on it also.
Very interesting battle worn flag.