The inspection stamp shows this flag was submitted to the J-2 [joint intelligence] to see if any intelligence could be gleaned from the writing. It was stamped then returned. I have a Japanese-language copy of Mein Kampf that was taken at Attu -- it also has a similar intelligence stamp.
Nice flag!! Mostly names, from what I can see; there are the main "headings" common to these flags.
Celebrating your Deployment
Everlasting Luck in the Fortunes of War
Sakura Group Co. Ltd. [probably his employer]
Mr. Daisuke Hayashi
those blood stains or just stains, what do you think ?
I don't think this is blood staining, but it's a great flag.........!