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The easy way is to roll it in tissue paper, then twist the ends, candy wrapper style. The more professional way is to roll it in sturdy paper, leaving room on both ends. Cut the loose ends into strips going from the edge of the paper to the item inside. Fold these into the center one by one to make a fan fold, tape, then repeat on the other side.

Use a glue stick or school glue to secure the wrapping paper. Make sure to overlap the wrapping paper enough so the glue stays on the paper and does not leak onto the gift. You can also use stickers instead of tape.

Actually, you can get away with a smaller rectangle of paper with the Japanese approach.

Not really. Traditional Method is the standard way to wrap presents, formal or not. Just choose a more formal-looking wrapping paper and maybe skip the ribbon.

You would use quite a large square of wrapping paper, then repeating step 5, use traditional wrapping with two opposite sides, and again with the other two opposite sides.

If you keep it flush with the box and crease well, you should not need to do this. Hold the first flap in place against the box, crease the second flap over it, then tape the two flaps together.