I really hope this is just at the end and he realizes he should be himself or something. They should of at least kept his hairstyle, that haircut looks so dorky omfg.
As far as I can tell it's from an epilouge. Most people change slightly, except for Yosuke and Teddie (the protag naturally stays the same as well, but what else would you expect?). That is how Kanji looks when he's being all mature and stuff, after accepting himself. He should go back to bleaching his hair, character growth be damned.
That looks nothing like he does in the image above. That looks decent. Well, the upper one does, the bottom one looks bad as well.
My mind is blown. O___O It was a bit of a shock at first to see Kanji's dramatic change. I really liked his punk appearance. When does the epilogue occur? (That Chie. Always knew there was a killer bod underneath that sweater :P)
Am I the only one who finds it odd that Teddie has gotten taller? For some reason, I did not except him to get any taller, or older for that matter. It just seems odd for him suddenly to hit puberty. Also, if all these different Persona 4 games/novels are canon, then Kanji probably gets dumped by Naoto not longer after this, and goes back to his bleached hair for Persona 4: Arena.