By the end of the war, Japan lost all of the Kurile Islands and Sakhalin Island to Russia, and was barely able at the end to claim a “victory” in the war in the peace negotiations as they'd kept their gains in Korea. The Treaty of Portsmouth ended the Russo-Japanese War. Russia received Sakhalin Island, the Kurile Islands and all islands north of Hokkaido. Russian sphere of influence over Manchuria is recognised by Japan, and Japan agrees to evacuate Korea. All Japanese businesses and government officials leave Korea. It seems that Japan "won" the war but lost in the post-war diplomatic bargaining.
Austria annexes Bosnia-Herzegovina in 1908 (as in OTL) under the assumption that Russia having just recently fought a war and "lost", and suffering persistent unrest (despite no Revolution of 1905, and perhaps exacerbated by the lack of any concessions for the Russian people such as the Duma) would be weaker.
But what would Russia do in such circumstances? Russia actually gained while losing, but their Far East interests are also likely distracting them. They might have problems in the Manchurian territories, and worries about Japan in the near future trying again. However, they also might not be as weak as they're perceived by Austria.