A story loosely based on the affair between Empress Kōken-Shōtoku and the monk Dōkyō, set during the Nara period (710–794 A.D.).

The film is set in Kyoto at the end of the Tokugawa period, when there is a fierce clash between the supporters of the Emperor, who are fighting for the overthrow of the Shogunate, and the Shinsengumi squad, who are chasing them. Suddenly, a mysterious masked warrior appears, on a white horse he is called Tengu from Mount Kurama and he opposes the Shinsengumi.

Kizaki, an upstart at a trading company has one more assignment for the day before meeting his lovely girlfriend, Natsuki for a date. Little does he know that he's walking straight into a trap set up by his boss, Asanuma and his murderous right hand man. The next day Kizaki finds himself framed for the murder of the company president, and the robbing of the company safe. Natsuki innocently waves goodbye to her loved ones as the boat sails only find herself caught in Asanuma's evil scheming and the object of his lust. In a desperate attempt to escape, she falls to the watery depths. When we next see her she has washed ashore like a siren in the nude on a deserted island inhabited by five castaways who fight each other for her. She learns there's a rich wealth of clams underwater and eventually comes into a large fortune in pearls. Once rescued, she returns to Japan with revenge on her mind.

Hayase, a schoolteacher, assists Sakai in editing a German-Japanese dictionary. Hayase owes much to Sakai, as Sakai raised him for 13 years after Hayase lost his parents in a war. Hayase has been secretly married to Otsuta, a former geisha, and has been unable to tell Sakai of the marriage, aware as he is that Sakai wants him to marry his daughter, Taeko. Otsuta wants Hayase to tell Sakai about her, but understands the difficulty of his position. At a festival, Otsuta is mistaken for a pickpocket and taken to the police. Because of her background as a geisha, newspaper reporters eagerly delve into her past and report that she has been married to Hayase. Unaware of what has been printed in the papers, Hayase decides to tell Sakai about his marriage. Sakai shows the newspaper to him and orders Hayase to part with Otsuta. Given no chance to explain, Hayase accepts Sakai's order.

The title of the film reflects the custom of writing poems and lyrics on paper lanterns.
The film tells about the difficult relationship between the actors of the Japanese classical theater No, friendship, hatred and love…

The story follows Oshino, a geisha who is trying to start a new life with a lover who is a painter. However, her past filled with debts and pimps catches up to her.