Maybe this will help you get started. From right to left, some of the cities are
鎮江
?慶
湖口
星子
漢口
呉城
There are 4 other cities that I couldn't pick out. Before the cities, the entries refer to other actions. I'm starting to think this isn't a record of one person or one platoon's achievements, rather it is recording the Japanese army's achievements as a whole.
And, I hate to be a buzzkill, but you cannot completely discount the possibility that the flag is a fake. Having said that, there is nothing in this flag that jumps out at me as fake. But it is curious as to why this sort of record would be on a flag like this. Anyway, be that as it may, good luck in deciphering the other cities.