The name of the song is "Chinchin". The words come from a kindergarten song used by Japanese girls to embarrass one another, beginning "chinchin, burabura, souseiji!", "chinchin" being slang or childish term for "penis", "burabura" being a Japanese "gitaigo" (a sort of abstract onomatopoeia) term referring to something which is both hung from something else and moving, and "souseiji" being a transliteration of the word "sausage". Use your imagination.The band is the Osaka group, "Bang Wa Cherry", its two members being Kuriyama Kyoko and Takahime Mesuko. Bang Wa Cherry is unsigned, has no albums available, and apparently no other songs (at least recorded ones) other than the performance of the above-mentioned song in Blade. They are, however, reported to occasionally do unpublicized club appearances in the Osaka area.
Once saw them perform this song in a Nightclub while I lived in Minato Ward in Tokyo my good friend and roommate Takashi took me to see them. He also claimed to be a friend of them. He said the lyrics are about sex with old men and school girls and that this is sadly a common occurrence in Japanese culture.
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