Today's kakejiku or scroll hanging in the tokonoma is an ichigyo brushed with the single character toki 刻 which is commonly translated as time. An ichigyo is a single line of calligraphy that is supposed to elicit a response or provoke the viewer into a different mental state.
Warriors of old were always well read individuals who were not only well versed in the military arts but also in religion, literature, poetry, Japanese and Chinese classics and art.
Generally, most kakejiku are supposed to be profound and many times what is left out is sometimes more important than what is put in. This scroll is no different. Its meaning is not readily understandable by simply just reading the character.
The character toki 刻 left standing alone means "to chop or engrave." So an uneducated person could accidentally misinterpret that as its meaning. However when the character toki is added into the idiomatic expression jijikokkoku it means "from one moment to the next." From here we extrapolate that it is supposed to mean "moment," but that also is a little too juvenile. As we sit there and ponder the scroll's deeper meaning, what arises could be the Buddhist's perspective on impermanence and thus every moment that existed before or after this one moment is an illusion and that we can easy be deluded into thinking that those thoughts are real.
Since this scroll is more of the smaller size used in a chasitsu or tea house, we can theorize that its meaning is to make full use of this one moment for all other moments before may not have happened and all moments after may never come. All we have is this one moment - cherish it!