This is a mature male Pteragogus aurigarius wrasse, found in the Northwest Pacific around Japan and Taiwan.
Males compete with one another to establish territorial boundaries. This individual has just engaged in a brief battle with another male. He is departing the area, suggesting that he was no match for the rival male. These fish are normally darker in coloration. This light hue might possibly be a sign of submission. There is no common name in English for this fish. It is known as uhaguro-bera in Japanese.