The flag on the left is the menjiang flag, a flag for the puppet state set up by the imperial Japanese army in Inner Mongolia. My interpretation of this image is that "Japan" (referring to the personifications) is giving "Inner Mongolia" a katana as a 'gift', but it is really soaked in the blood of Inner Mongolians, hence the blood on her skirt.

LenaLatoya said:

The flag on the left is the menjiang flag, a flag for the puppet state set up by the imperial Japanese army in Inner Mongolia. My interpretation of this image is that "Japan" (referring to the personifications) is giving "Inner Mongolia" a katana as a 'gift', but it is really soaked in the blood of Inner Mongolians, hence the blood on her skirt.

Heres the flag https://commons.m.wikimedia.org/wiki/File:Menjiang_Flag_(1945).svg#mw-jump-to-license