The anime TOUGEN ANKI ends with Shiki Ichinose confronting the final threat in the Oni-Momotarou conflict, overcoming his enemies, and coming to terms with his identity as an Oni. The story closes with Shiki surviving the ordeal, honoring his adoptive father Tsuyoshi's legacy, and setting a new path forward, while the fates of other main characters are resolved through their final battles and choices.

The ending of TOUGEN ANKI unfolds in a detailed, scene-by-scene narrative:

The climax begins with Shiki Ichinose facing the ultimate antagonist who embodies the deep-rooted conflict between Oni and Momotarou. Shiki, having grown from a rebellious teenager into a determined warrior, uses both his Oni powers and the lessons from his adoptive father Tsuyoshi, who was a former Momotarou hunter, to engage in a fierce battle. The setting is tense and charged, with the environment reflecting the chaos of their struggle.

As the fight progresses, Shiki's internal conflict surfaces--he wrestles with his Oni nature and the human values instilled by Tsuyoshi. This duality is visually emphasized through contrasting imagery: moments of brutal power interspersed with flashes of Shiki's memories of Tsuyoshi's kindness and teachings. The battle is not just physical but symbolic of Shiki's acceptance of his identity.

Meanwhile, other key characters who have been part of the conflict appear in parallel scenes. Some allies of Shiki fight their own battles, each facing personal demons and external foes. Their outcomes vary: some survive, scarred but resolute, while others fall, their sacrifices underscoring the high stakes of the conflict.

In the final moments, Shiki delivers a decisive blow to the antagonist, ending the immediate threat. The scene slows, focusing on Shiki's exhausted but resolute expression. He kneels beside Tsuyoshi's grave, a quiet moment of homage and closure. Shiki vows to carry forward Tsuyoshi's legacy--not as a hunter of Oni, but as a protector who bridges the divide between Oni and humans.

The closing scenes show Shiki walking away from the battlefield into a dawn-lit horizon, symbolizing a new beginning. The surviving characters are shown in brief, peaceful moments, indicating their fates: some return to normal lives, others continue guarding the fragile peace.

Tsuyoshi's fate is confirmed as deceased, his death a catalyst for Shiki's transformation. Shiki remains alive, now embracing his complex identity. Other main characters' fates are tied to their final confrontations--some perish heroically, others survive to witness the new era Shiki aims to build.

This ending encapsulates the series' themes of identity, legacy, and reconciliation, leaving the story open to future developments but providing a satisfying resolution to the central conflict.

Yes, characters do die in the 2025 anime TV show Tougen Anki. The most notable death is that of Tsuyoshi Ichinose, Shiki Ichinose's adoptive father. Tsuyoshi was formerly a Momotarou, a hunter of Oni, who abandoned his duty to raise Shiki. He is killed early in the story during an attack by an assassin, which also serves as the catalyst for Shiki discovering his Oni heritage and entering the conflict between Oni and Momotarou.

Other deaths occur during battles and conflicts between the Oni and Momotarou factions. For example, in episode 8, an attack by a group called the Ugly scatters Shiki's group, and one member is killed by Sazanami, a character involved in the conflict. The show features ongoing violent clashes, so deaths happen in the context of this supernatural war.

The deaths are generally violent and tied to the larger war between the Oni and Momotarou agencies, reflecting the dark fantasy and action themes of the series. The circumstances often involve assassination attempts, battles, and betrayals, emphasizing the brutal and dangerous world the characters inhabit.

No detailed list of all character deaths with exact timing and full circumstances is available in the current sources, but Tsuyoshi Ichinose's death is the key early event that shapes the protagonist's journey.