↑ I'm sure that's possible, but I can't imagine the flag would get presented to the soldier without some mention of
a) the recipient's name, and
b) prayers or wishes for his good luck.
c) some sort of line that says something like, "from all of here at Mitsubishi Mining, Kyushu".
That's why (to me) it has the feeling of a flag that was made in commemoration of some commercial event.
Edit: And of course you can't rule out the possibility that it is a fake of some kind.