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
Reverse marked with "star...
1904 victory commemorative badge
1904 victory commemorative watch fob
badge made by kawaiworkshoptokyokawaiworkshoptokyo
medal made by kawaiworkshoptokyo
russo-japanese war
russo-japanese war badge
russo-japanese war commemorative badge
明治丗七年戰捷記念章
明治卅七八年役
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 kawaiworkshoptokyo
imperial military association special badge
japanese reservist association badge
kawaiworkshoptokyo
mark star and crescent
medal made by kawaiworkshoptokyo
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