On the top off the rise just off the road; also known as the the Bilingual Memorial Monument.

Three six-foot tall stone triangles that symbolize the rising of spirits to heaven, with two large plaques in English and Japanese, commemorating this incident.

Background: 

Squadron VC-97 was commissioned in Seattle Washington on March 8, 1944.  Also know as the Fishhook Squadron, VC-97 was the only composite squadron to participate in air combat operations while attached to the USS Shipley Bay (CVE-85).

The men of VC-97 flew aboard the USS Shipley Bay from the Makassar Strait (CVE-91).

  15 April 1945 0730H

The USS Makassar Strait launched 32 sorties.  Eight of which were Local Combat Air Patrol, Two were local anti submarine patrol and 10 were on a strike mission.  The strike mission was made up of 6 Avengers and 4 Wildcats, which struck Ishigaki airfields and vicinity in the morning hours, expending 49-100# G.P. bombs, 4 Napalms and 36-5 inch H.E. rockets on the targets. No air opposition was encountered.  Two enemy planes were destroyed, 7 probably destroyed and 19 damaged on the ground.  Reventments and AA positions were struck by bombs and rockets.  The Napalms were effective.  Several buildings were fired, including a building believed to house Japanese planes.  Intense AA fire was noted.  Avenger side number 31, Bureau No. 68767, was reported to have been shot down over Ishigaki Airfield.  The plane flamed on landing.  One parachute was observed, opening but no personnel were seen after the plane struck.  Pilot, Lieutenant V.L.Tebo and his air crewmen: W.H.Loyd and R.Tuggle Jr. were aboard this Avenger.  It is believed their Avenger crashed south of the Ishigaki Airfield about 100 yards inland from the southern coast. (From Wings Over Sakishima)

Apr. 15, 1945, TBM (#68767, USS Makassar Strait CVE-91) crashed offshore Ohama, Ishigaki Island, Okinawa-ken. Lt.(jg) Vernon L. TEBO, ARM1/c Warren H. LOYD and AMM1/c Robert TUGGLE Jr. were taken prisoners by the Japanese Navy garrison on the island. On that night, Lt. TEBO and TUGGLE were beheaded, and LOYD was murdered by stabbing by many Japanese soldiers for bayonet practice. Two years after the war, this incident was brought to light, and the former Japanese Navy Ishigaki Island Garrison Commander, Capt. Otohiko INOUE and 45 other Japanese soldiers were prosecuted. At the War Crimes Trial, 41 were sentenced to death. Later, by commutation, 7 were sentenced to death, 3 officers and 29 men were sentenced to 5 years to life imprisonment.

The memorial was dedicated on 15 August 2001

Source: https://shipleybay.com/ishigaki.htm

Book: Wings Over Sakishima

On the morning of April 15, 1945, in the closing days of World War II, a Grumman TBF Avenger, assigned to the carrier USS Makassar Strait, was shot down off the costs of Ishigaki Island by the Imperial Japanese Navy. The three aviators parachuted in to the water near Ohama and swam to a coral reef where they were captured by Japanese sailors. After being interrogated and tortured they were executed during the night at the foot of Mount Banna, at the Imperial Navy Headquarters. The torture of prisoners of war was a violation of the Geneva Convention, the rules of war signed by the international community in 1929. Vernon L.Tebo and Robert Tuggle Jr. were beheaded. Warren H.Loyd was beaten and stabbed with bayonets by numerous numbers of sailors and soldiers. This incident was a tragedy which took place during war.

Lt. Vernon L. Tebo, 28, a Navy pilot of Illinois
Aviation Radioman 1st Class Warren H. Loyd, 24, of Kansas
Aviation Ordnance 1st Class Robert Tuggle Jr, 20, of Texas

To console the spirits of the three fallen American service members and to honor their deaths, we jointly dedicate this monument in the hope that this memorial stone will contribute to the everlasting peace and friendship between Japan and the United States, and that this monument will serve as a cornerstone to convey to future generations our keen desire for eternal peace in the world and our determination to renounce war".

August 15 2001