Japanese finances weren't so hot during the Russo-Japanese War. Despite their victory at Tsushima, had the war dragged on longer Japan likely would have lost due to running out of money.
What if the peace had been in such a manner that it comes off as more of a stalemate rather than Japanese victory?
I'm thinking Japan gains Kando as being part of its sphere of influence and annexes North Sakhalin (Kamchatka-Chukotka as well?) whereas Russia retains dominance in Manchuria.
What if the peace had been in such a manner that it comes off as more of a stalemate rather than Japanese victory?
I'm thinking Japan gains Kando as being part of its sphere of influence and annexes North Sakhalin (Kamchatka-Chukotka as well?) whereas Russia retains dominance in Manchuria.