A year ago I asked a friend who is a Japanese translator in Vancouver this same question. Here is what she had to say:
"Now to the lyrics. Obviously this is not the whole song and it is hard to figure out what it's all about without reading the whole thing, if you know what I mean. This could be interpreted different ways. The English equivalent you provided is a very loose translation and that's one interpretation. When I read this a few times, it started to look to me that they might be talking about dying here. Let me show you what I mean: The words literally mean :
Teo toriatte : hand in hand
konomama iko: let's just go (as we are). This could mean anything. go to the other side, to continue living, etc. To me the word "konomama" has a sense of urgency as it is often used in a phrase like "konomama shinitai" (I want to just die)
aisuru hito yo: Oh, my love
sizukana yoi ni: in the quiet of the evening.
hikari o tomosi : light the light (most likely candles, or lanterns)
itosiki osie o idaki: holding the teaching that's dear to us
My take (for now) will be something like:
Let us just go, hand in hand
In the silence of the night, my love,
lights alight and
holding dearly to our heart
the precious lessons .....
You see what I mean by different interpretations? Thus the enormous challenge of translation!
Of course my interpretation could be totally wrong. What do you think?? Of course in songs you have to remember that the words must fit the melody so it is inevitable to make such adjustment.
Wasn't there a poem that started with "Let us go, you and I..."?? I can't remember, T.S.Eliott?"
I also lived in Japan for 4 years, and this song is very special to me.