I need help to translate and research the history of this unique captured Japanese flag?

I think the flag came from the Solomon Island campaign of “WW2”. It has a caricature of President Roosevelt drawn in the lower left corner. I would like to know what the writing says and maybe get the names translated. It has grommets for hoisting up a flagpole. My father helped destroy a Japanese airstrip on Bougainville in the“Solomon Island chain” . Would somebody help me please?The image of the flag is on photobucket.