This is an item of stationery (paper or writing goods), or other small merchandise such as good-luck charms, mascot straps, et cetera.
Here's Vocaloid 2 singing sensation Luka, styled as a super-cute octopus, wearing an extra-adorable smile! She comes with a brown pot suspended below her (although perhaps a tuna might have been more appropriate). She's attached to a fabric cord strap with a lobster-claw attachment, to make her the perfect charm for your cell phone, handheld game console, keys, or anything else that needs a touch of cuteness--and check out the laughing and drooling versions, too, linked below! Please note that the photos shown are of a prototype; the production version may vary.