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Here's the answer...
It's a Japanese inro. An inro is a small, compartmentalized box used to carry medicine or small objects-kind of like a lady's purse. They are usually made from lacquered wood or paper machete. They were used regularly until the beginning of the 20th century when western dress became popular in Japan. Often you see the inro with an attached netsuke-a "toggle" attached to the cord that runs through the inro. Netsukes are small figures, usually ivory, that have 2 holes. Now you know why they have two holes.

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