Minamoto Yoshitsune and his men attacked by ghosts of Heike warriors drowned at the Battle of Danoura, Benkei repelling them from the stern of the boat, derived from the Noh play Funa Benkei (Benkei in the boat)

This powerful design fills the space allowed by the triptych format to brilliant affect. This work depicts the ghosts of the Taira family exacting revenge upon Minamoto Yoshitsune (1159-89) following their brutal defeat during a historic battle at Daimotsu bay. The haunting ghosts of the Taira clan are silhouetted dramatically against a dark sky as they attack Yoshitsune’s ship and the troops can be seen frantically lowering the boat’s sails as the gigantic waves rise up ominously around them. The noh play Funa Benkei (Benkei in the Boat] recounts this episode, which eventually ends well for Yoshitsune and his men due to Yoshitsune’s faithful retainer, the warrior-priest Benkei, who stands at the back offers prayers to the gods of the sea, causing the angry ghosts to disappear, the storm to calm, allowing the ship to continue its travels.
This impression is thought to be an early impression as some of the ghosts are shown with its horns which disappear in the later variant editions. Another distinction between the impression here and the later variant editions are the details of the thin white lines on the dark blue wave.
For another early impression of this design, see Robert Schaap, Heroes and Ghosts, (Amsterdam, 1998), p.101