Source?

I can’t find any evidence that there was any economic significance to that war aside from loss of the fleet and human life. Bruised imperial egos for sure and likely contributing to an image of a week government, but I’m hard pressed to see how it could have had any impact on the industrial output of the country.

You could surely say that the war with Japan didn't help.

Well-known events like the Potemkin mutiny may be dismissed as not impacting industrial output, but there was a large-scale general strike which actually lead to "1905 revolution" [0]. The loss to Japan was of course only a partial factor, with bigger contributor being the overall economic downturn of early 1900's.

There were some direct impacts from this revolution. There was large-scale unrest in Kingdom of Poland (the Russian-held part of partitioned Poland). Finland (then a Grand Duchy in the Russian empire) abolished Diet of Finland in favour of a new Parliament of Finland, with universal suffrage for both men and women. And in mainland Russia, the absolute monarchy was abolished in favour of a parliamentary monarchy.

However, this was too late for the Russian empire to recover.

[0] https://en.wikipedia.org/wiki/1905_Russian_Revolution

Sergei witte basically saved Russia’s ass in the peace negotiations. He was one of at least two very good ministers fired by the tsar in a time when Russia really needed one.