Called fukinagashi, the streamers are made to symbolize the weaving made by Orihime (Orihime can be translated as "weaving princess", see the story here). This particular fukinagashi model, very popular today, was originally created in 1946 by the owner of a shop from Sendai and was originally a kusudama, an origami modeled after a Dahlia flower...
EXIF info:
Nikon D90
Lens: VR 18-55mm F/3.5-5.6G
Focal Length: 55mm
Aperture: F/5.6
Shutter Speed: 1/150s
ISO Sensitivity: ISO 200