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Version 5! Oh sorry, force of habit.
Kusadama 薬玉 【くすだま】 (n) ornamental scent bag, decorative paper ball
From the kanji for "medicine/chemicals" and "ball". You know these things, they pop open and banner or confetti falls out. Looking at the definition, I guess there was a time when scented herbs were included at some point? Anyone want to look up the etymology for that for me? Words are fun!