*Disclaimer—I'm not affiliated with JAT and don't represent them.*
The Japan Association of Translators (jat.org) is having their 11th annual translation contest. Link: http://jat.org/events/show/eleventh_annual_jat_contest_source_texts_and_guidelines_oct._1_31_2014
There is no entry fee. There is a Japanese to English and English to Japanese category, you may enter into both if you wish. The contest is open to anyone with up to three years of professional experience. The source texts are available at the link I copied above, the deadlines for your submissions are October 31st.
The grand prize is pretty cool, you get a trip to JAT's 2015 conference in London and a hotel room. The runner-up prizes are...not as great. But hey, its free to enter so if you've got the time, why not?