Ha-Go Banzai shows the Japanese counter-attack to the Marine landing on Peleliu Island on September 15, 1944.

As described by Major Frank O. Hough, USMC:

"As had been anticipated, the Japanese reacted violently as soon as they were able to recover their balance. The first and most vigorous manifestation began at approximately 1650: a tank-infantry sortie in force across the northern portion of the airfield. This was not a banzai charge in the usual sense of that term, unless the peculiar conduct of some of the tank operators could be so construed, though the end result proved suicidal enough to satisfy the most discriminating devotee of Bushido."

“Ha-Go,” in the title, refers to the the Japanese tank in the artwork, and while the Japanese aren‘t remembered for their armored prowess in World War 2, this is said to be the only tank battle of its kind that the Marines would fight in the Pacific War.

from Bloody Beaches by Brigadier General Gordon D. Gayle, USMC (Ret.): 

“Accounts vary as to just who shot what, but in a very few minutes it was all over. The attacking tanks were all destroyed, and the Japanese infantry literally blown away.

Colonel Nakagawa's attack was courageous, but proved to be a total failure. Even where the tanks broke through the Marine lines, they induced no Marine retreat. Instead, the Japanese armor became the focus of antitank fire of every sort and caliber. The light Japanese tanks were literally blown apart. More than 100 were reported destroyed. That figure, of course, reflected the amount of fire directed their way; each Marine grenadier, antitank gunner, and tanker thought he had killed the tank at which he shot, and so reported.”