This is a strap, keyholder, or charm.
From Kokusai Boueki comes a long embroidery tag of the Hayabusa Shinkansen! Featured in cleanly done embroidery, it's attached to a keyring for you to hook all of your keys onto. There's also a lobster clasp for convenient attachment to other bags and apparel.
It's about 13.5cm long and 3.2cm tall.