Reading from right to left, the 1st character means outside, exterior or remove.
The other two characters are the family name Tokunaga. Do not know the meaning or significance of the 1st character in relation to the family name which could also be a unit designation. The character is not used for ranks. Looking closely, it appears part of the white material is torn off. Is there any chance of locating it?
Otherwise, this is as far as I can help.
Thanks for the info. Nothing is torn off from what I can tell. The khaki piece with the red stripe was sewn on the band at some point after the band was created. The band itself is composed of two pieces of cloth sewn together, white on the inside and red on the outside. The white part with the lettering appears to have been slid over the red portion before the inner and outer rings were sewn together so that it became stitched to the whole thing.
Thanks for the info. Perhaps someone else can shed light on the meaning of the first character.