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This is the first known licensed animated film from Japan. Around 1952, long after the negative attitude toward the Japanese during world war 2 subsided from the American conscience, a small film company bought the rights to a production called, Panda and the Magic Serpent. This film was based on a Chinese legend about a boy who helped a snake when he was very young. Years later, when the boy grew to become a young man, the snake, which was a magic snake, turned herself into a young woman. The two meet again and fell in love, and decided to marry. But a priest finds out about the woman's identity, and decides to try to break the two up, in fear that the serpent will bring the boy bad luck.
I know you're asking, "It's called PANDA and the magic Serpent, where does the PANDA come into play?" Well, the Panda and his other animal friends are just a support cast, and was thrown into the title so that the movie would be more marketable to children. This is an essential piece anime history, and is a good film to bring home for the kids. You can find it if you dig in those bins at convenient stores that sell those little DVDs for a dollar. Or you can browse around on Digiview Entertainment's website, where you can find other dollar DVDs where they also sell those "Its original we swear" North Korean animations.