The text that follows is not my own work, I am quoting from Danielle Talerico's research.
Her conclusion is: Hokusai's work is very much in line with the hedonistic EDO spirit celebrating female desire and pleasure.
Her analysis reads:
The divers legs are spread apart, making room for the large octopus between her thighs, and her bent left leg caresses the mantle of the octopus while her hands firmly grip two of its large tentacles. The divers pleasure is apparent at a glance. This is not an attemp to push the octopus away, as her arms, bent at the ellbows, are relaxed up to her hands. The large octopus is shown with seven of its tentacles wrapped around the torso and shoulders of the diver. While sucking on her vagina with its funnel, the octopus graphically stimulates her clitoris.
The diver appears to shift her weight onto her right forearm in order to lift her torso slightly. Her neck arches as she reaches to meet the funnel of the smaller octopus, which sucks from her mouth. Its tentacles work her torso. Two touch her chest and one wrapps around her left nipple. Three other tentacles cradle her neck, allowing the octopus to insert its funnel into her mouth with greater ease. Her slightly closed eyes and relaxed facial expression suggest content.
Please, dear reader of this post have a look at the print again and answer by yourself if you can agree to her analyse. Watching the print we have further to notice, that the ama and octopi are framed by text. There is no empty space left, written text everywhere.
It is strange to believe, that collectors and scholars never made the attempt to do a translation into a non Japanese language. Talerico offers a translation in her research. It shows a humorous dialogue (better trialogue) between ama and her two lovers. In the following quote I have shortened the text a little, but beside that, it goes like this:
Wondering when to do the abduction, but today is the day. At last she's captured. Even so, this is a plump, good pussy. Even a greater delicassy than a potato. Sucking to complete satisfaction, ......., Zufu, zufu, chu, chu! Zu! Zu!
That hateful octopus fu fu, fu .... rather aa aa ... sucking on the surface of the inner mouth of my womb until I'm breathless, aa, eee, I'm coming. By that projecting mouth the open vagina is teased. Oh, what to do? Fu, fu, fuu, yoo, yoo, yoo .... Octopus! Ou, fu, fuu.
Zuu, zuu, zuu, hicha-hicha, gucha-gucha, jutsu, chu, chu, guu, guu, zuu, zuu.
Say! How about, how about the feeling of being entwined by eight legs? Oh, its swelling inside, aa, aa.
Ee, moo, I'm becoming ticklish. One after another until I loose track, fu, fu, fuu, limits and boundaries are gone oo, oo, oo. I've arrived aaa, there, here, uu, mu, mufu, umu, uuu, good! Good!
After my parent is finished, I, too, will use my projecting mouth to rub from her clit to her ass until she loses consciousness, and when she revives, I'll do it again, chu, chu. End of quote