Turn the O-ring side of the shaft to outside as shown in the figure.

Starter Clutch Removal
Starter Clutch DisassemblyRear Wheel Installation
Apply high-temperature grease to the grease seal lips.
Fit the collars on the both sides of the hub.
Left Side Collar [A]
Right Side Collar [B] (with Flange)
Engage the drive chain with the rear sprocket.
Install the caliper bracket [A] onto the stopper [B] of the
swingarm.
...
Lower Crankcase Assembly
Install the ball bearing [A] and the oil level inspection window
[B] until they are bottomed
Apply soap and water solution to the oil level inspection
window before installation.
Install the new circlip [C].
Apply a non-permanent locking agent to the oil passage
plug [D].
Tighten: ...
Starter Clutch Assembly
Install the one-way clutch [A] to the driven gear.
Face the circlip side of the one-way clutch to inside.
Install the new snap ring [B] to the one-way clutch.
Install the drive gear [C] while turn it counterclockwise [D].
Apply molybdenum disulfide oil solution to the needle
bearing ...