Reverse is marked with "star and crescent" maker's mark of Kawai workshop in Tokyo. See also https://asiamedals.info/threads/russo-japanese-war-victory-commemorative-watch-fobs-with-marks-star-and-crescent-and-n-in-rhombus.24681/.
Obverse reads
帝国在郷軍人會 - Imperial Military Reservist...
badge made by kawai workshop tokyo
imperial military association special badge
japanese reservist association badge
kawai workshop tokyo
mark star and crescent
medal made by kawai workshop tokyo
nakagawa village branch of association badge
帝国在 郷軍人會章
帝国在郷軍人会バッジ
帝国在郷軍人會中川村分會特別會員之章
