打怕的人是假的敬怕的人是真的 is a proverb that seems to be aimed at world leaders or others in power. Perhaps a suggestion to avoid the practice of “fear-mongering” opting instead for a policy of benevolence and justice.

An example: When the Bush administration told Pakistan they could either join America in the “war on terror,” or expect some bombs to be coming their way, Bush gained this kind of “less-than-genuine respect” from Pakistanis.
Leaders in places like North Korea and even Saudi Arabia reap the same bogus respect from their own citizens.

Note that calligraphers do not like to repeat the same characters in exactly the same way in the same piece of artwork. So expect the characters that are repeated to be written in different forms in the real artwork (unlike the way they are displayed to the left).

五戒 is the title or name for the five precepts of Buddhism.

These are prohibitions against killing, theft, sexual misconduct, lying, and intoxication.
Also phrased as commandments against murder, stealing, adultery, false speech, and consuming intoxicating liquors.

These five precepts or “pañca-veramaṇī” apply to the Buddhist laity as well as monks and nuns. The observance of these five ensures rebirth in the human realm.

正業 is one of the Noble Eightfold Paths of Buddhism. Right Action, along with Right Speech and Right Living, constitute the path to Virtue.

The five precepts of Right Action are...
1. Refrain from destroying living beings (no murder or any form of taking a life).
2. Refrain from stealing.
3. Refrain from sexual misconduct (adultery, rape, etc.).
4. Refrain from false speech (lying or trickery).
5. Refrain from intoxicants that lead to heedlessness (no drugs or alcohol).

This concept can be summarized as “Avoidance of actions that conflict with moral discipline.”

Note: In Japanese, when read by a non-Buddhist, this will mean “the right job/vocation.”

This term is exclusively used by devout Buddhists. It is not a common term, and is remains an unknown concept to most Japanese and Chinese people.

See Also:  Buddhism | Enlightenment | Noble Eightfold Path

空 is a single character that means empty, void, hollow, vacant, vacuum, blank, nonexistent, vacuity, voidness, emptiness, non-existence, immateriality, unreality, the false or illusory nature of all existence, and being unreal.

In the Buddhist context, this relates to the doctrine that all phenomena and the ego have no reality but are composed of a certain number of skandhas or elements, which disintegrate. The void, the sky, space. The universal, the absolute, complete abstraction without relativity. The doctrine further explains that all things are compounds, or unstable organisms, possessing no self-essence, i.e. are dependent, or caused, come into existence only to perish. The underlying reality, the principle of eternal relativity, or non-infinity, i.e. śūnya, permeates all phenomena making possible their evolution.

From Sanskrit and/or Pali, this is the translation to Chinese and Japanese of the title śūnya or śūnyatā.

In Japanese, when pronounced as “ron” (sounds like “roan”) this can be a given name. It should be noted that this Kanji has about 5 different possible pronunciations in Japanese: kuu, kara, sora, ron, and uro. 空 is also an element in the Japanese version of the five elements.

虚実 is a Japanese word that means “falsehood [and] truth” or “fiction [and] fact.”

This concept is used in warfare, gameplay, and martial arts strategies. 虚実 can be a strategy of real and/or deceptive moves. This gets to some Sun Tzu Art of War stuff where in warfare a strategic move is either a real and serious move or it is a deceptive blow.

Let's explore each character in more depth:

虚 was originally written 虛 (there is a very subtle difference in the strokes at the bottom of the character) and means unpreparedness, falsehood, emptiness, void, abstract theory, empty or unoccupied, diffident or timid, false, humble or modest, virtual, or in vain.
In the Buddhist context, 虛 represents the Pali/Sanskrit word “śūnya,” meaning empty, vacant, unreal, unsubstantial, untrue, space, humble, or in vain.
In ancient Eastern/Chinese astronomy, 虛 represents the “Emptiness” constellation (one of the 28 mansions in the sky).

実 was originally 實 in Chinese (they currently write it as 实 in Simplified Chinese) with the meaning, truth, reality, sincerity, honesty, fidelity, and substance.
The Buddhist context is similar, adding real, true, honest, really, solid, definitely, sincere, solid, fixed, full, to fill, fruit, kernel, verily, in fact, the supreme fact, or ultimate reality to the definition.