My sensei was recently (well, it's been a few months) awarded his Kyoshi shogo. I asked my sempai if we should give him some sort of gift, and he quoted the sensei as saying something about being better to get an earned rank than an awarded title; I take it to mean he didn't want to be praised for it.

The thing is he is our best candidate for a "local" hachidan (he trains here but he's Japanese) and odds are he'll go for it next year or something. That's certainly a momentous occasion for anyone, and it won't go unnoticed by his students and everyone else.

So my question is, is there a proper ettiquete ruling gift-giving to one's sensei? Is it the matter of any rank associated tradition in Japan? If not, what would be appropriate to give to a sensei who just got "promoted"?