Once upon a time in the Takashimizu area of Nanataki Village, there was a wealthy land owner named Magozaemon. He was often heard boasting about the size of his land. He would beat his chest and proclaim, "I can walk from my house all the way to Kemanai (about 10 km away) without stepping foot on anyone else's property!"

One day Magozaemon went and cut a massive amount of firewood from one of his forest groves. He then threw all that firewood into the stream above the waterfall. It should be mentioned that throwing things into the waterfall was a local taboo because villagers believed that the waterfall had strange powers. The unusual waterfall was said to turn an eerie red in morning sunlight, and in the evening the roar of the waterfall could be heard from far away in all directions.

Magozaemon hoped to show off his power to the people in neighboring villages by blatantly ignoring this taboo. There was an unimaginable, terrible crash as the firewood crashed down the first, second, and third steps of the waterfall. Magozaemon smiled crazily and felt as if he could see his power growing before his eyes.

However, when the wood plunged deep into the pool at the fourth step (the locals call this pool "Nabekuro") there was an enormous sound that shook heaven and earth. A painful, agonizing groan seeped into the air from beneath the surface of the water but the firewood did not float up at all. Then, there was only the usual roar of the falls. Magozaemon thought he could hear the lingering echo of the strange groan and looked in pale-faced horror at the Nabekuro water pool, which was now surrounded by a dark cloud.

As much as he wanted to ignore the tales about the waterfall, he had now witnessed first-hand its strange powers. It was simply unbelievable that none of the wood had come floating to the surface. His head was filled with thoughts of regret. As he thought more about what he had done, he started to feel his blood freezing. He ran home in a crazed terror. When he got home illness consumed him, and he fell into a deep sleep.

The waterfall, it seems, was actually the incarnation of a giant serpent. In Magozaemon's unnatural sleep, he dreamt of the giant serpent bruised and bloody from fresh cuts all over its body. "You!", the serpent roared, "Look at the bruises all over my body! Your sins are grave and my curse shall see you ruined!" Magozaemon could only lay prostrate on the ground, begging for forgiveness.

When Magozaemon awoke, he gave up his proud and boastful ways and built a Fudo-sect shrine at the waterfall in repentence.

The Fudo shrine still has loyal believers who continue to come and pray. These believers are not only locals; some live far away in Aomori and Iwate prefectures.