In the modern world, where various races coexist, Satoru Takahashi has taken over from his late father as the manager of Yoyogi Heights, an apartment complex exclusively for yokai. Every day, he finds himself drawn to one of the residents, Mifuyu Yukino, a widow and a snow woman. One day, after angering her with a thoughtless remark, Satoru discovers a mysterious ring that appears to be one of his father's belongings. It seems to possess the power to help in communication with yokai. Hoping it might help them make amends, he jumps at the chance to use it, but…

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To specify, the ring amplifies the emotions the yokai feels toward its wearer. Using its power, Satoru makes passionate love with Mifuyu, but the next day, he discovers that when he uses the ring, Mifuyu had no memory of what happened.Regardless, Satoru doesn't lose heart, and convincing himself that at least she doesn't hate him, helps rebuild her life. When he hears about Mifuyu's struggle in finding a job, he figures that while being a snow woman may be causing her difficulties, she may have quite an issue with her communication skills…

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Satoru becomes Mifuyu's friend in order to help her get used to being around people. They exchange contacts, but as expected, no communication followed. Amidst this, Mifuyu comes to the manager's office. It appears that a package she didn't recognize had been left at her doorstep, so Satoru joins her to check on it at her apartment, Room 503. Upon investigation, it turned out to be a misdelivery. Told by the online retailer to dispose of it, Satoru suggests to Mifuyu that they might as well open it, but…

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Satoru was racking his brain. As long as he wore the ring, no matter how much they loved each other, Mifuyu wouldn't remember the time she spent with him. To take their relationship to the next level, he had no choice but to express his feelings directly. If only an opportunity arises… Just then, he comes up with an idea: he'd bring the cream puffs Mifuyu had mentioned she wanted to eat, using that as an excuse to share a meal with her. He intended to remove the ring beforehand to prevent it from accidentally activating like it had the other day, but for some reason, the ring had vanished from his finger.

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The ring had disappeared as if in hiding the moment Satoru tried to take it off. But then it reappeared and began to invade and fuse with Satoru's finger. Satoru loses consciousness and wakes up at the hospital where he'd been taken. Although emergency treatment saved his life, the doctor explains that the ring's curse was still draining his life force—and evidently, Satoru's reflection had vanished from the mirror. The cursed ring had finally bared its fangs. What can be done to counter it?

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