The four-time winners defeated this year's hosts, Australia, in the 2011 final and enter the 2015 showpiece as favourites.
Japan have not had the ideal preparation, though, with a disappointing 2014 World Cup campaign seeing them fail to progress from the group stages.
Midfielder Keisuke Honda - one of the team's European stars - said his team will be taking nothing for granted in the tournament.
"We are expecting some very difficult games at the Asian Cup," Honda said.
"All teams are strong. [Complacency] is the great enemy."
The form of Mainz striker Okazaki and midfield pair Honda and Shinji Kagawa is likely to be crucial to Japan's chances.
Coach Aguirre said before the tournament: "Japan is always one of the favourites in this tournament.
"If we win the Asian Cup, we can tackle the rest of 2015 feeling refreshed."
They qualified after winning the AFC Challenge Cup in the Maldives but will enter this clash as significant underdogs.
"This is a historic occasion for us as it is our first Asian Cup," he told FIFA's website.
"Our goal is to let the world know that the Palestinian national team are moving forward, despite the difficulties facing us.
"We want to convert the messages that the Palestinian players have the right to play and develop."
