This type of Japanese song is called "Enka". It reveals Japanese secret such as way of living and loving. The story of "Taki no Shiraito (The Water Magician)" is based on drama written by Kyōka Izumi. Director, Kenji Mizokuchi made his early silent film from it in 1933.
http://www.youtube.com/watch?v=rUaFBLBn_ZU&feature=related