I got a translation but its not complete.
American souvenir.
埼玉縣大里郡藤澤村産業會
Saitama Prefecture, Ōsato County, Fujisawa Village Business/Industry Association
アメリカ兵隊サン萬歳***
American soldier, Banzai [can't read the rest]
{or "Banzai! to Mr. American Soldier ***}
Looks like this one is made after the war by Japanese for the American souvenir trade.