Two designs of such watch fobs are known today.
1st design.
See also https://asiamedals.info/threads/russo-japanese-war-victory-commemorative-watch-fob-with-marks-star-and-crescent-and-n-inside-rhombus.27108/
Obverse
戰捷記念 - Victory Commemorative
明治丗七年 - 1904
1904victorycommemorativebadge1904victorycommemorative watch fob
russo-japanese war
russo-japanese war badge
russo-japanese war commemorativebadge
明治丗七年戰捷記念章
明治卅七八年役