It should be oriented so that the very large letters are on the right side. The vertical large letters are a dedication to Kenji Takakusagi (various possible readings of the last name), from Kojima Toyoshichi. The horizontal letters say "good luck in battle", which is a nearly universal saying found on such items. There are a few other patriotic slogans on the flag. The vast majority of the smaller writing are names, signatures of the people signing the flag.