I think the technique is called Ink and brush with color. though some sellers may call it a water color.
The style is a little old fashioned, but it is a comic style, like a Sunday morning cartoon. Often they lampoon social customs, or simply illustrate life in a manner that makes the ordinary seem foolish. Like walking tall flag poles through a forest of trees or honoring someone riding an ox. They also may illustrate a sentiment or aphorism.
If you have the correct ID for the artist, this could have been a study, possibly even copying an older work, as an exercise. There may also be two artists by the same name.
Have you tried a Japanese language forum? perhaps someone there will have a better interpretation of the work.
