"I've got nothing, so I'm going there." Former small-time crook Yotaro has never forgotten the rakugo tale "Shinigami" that the great artist Yurakutei Yakumo performed to him in prison. After his release, he goes right to Yakumo's theater, and pleads to be made his apprentice. He's accepted, but quckly finds himself dealing with many strange twists in the world of rakugo, including a growing bond with Yakumo's ward, Konatsu, and reminders from his own inescapable past.

Yakumo begins the story of the promise he made with Sukeroku. When he was young, he was taken in by the 7th generation Yakumo and named Kikuhiko. He met the young boy Sukeroku, a strange child who insisted on taking over the Yakumo name, with a natural talent for rakugo. He is given the stage name Hatsutaro, and although his personality is unconventional, and his rakugo is rough, he loves rakugo more than anything. Together wth his polar opposite, the reluctant Kikuhiko, they begin their days of training.

After their first performance, Kikuhiko sharply feels the difference in skill between himself and Hatsutaro. Hatsutaro recommends he try erotic stories, but Kikuhiko is struggling so hard just to memorize the beginner stories, he can't even begin to consider anything else. The fact that he has to go to school in the mornings causes the gap between him and Hatsutaro, who can spend the day learning rakugo, to grow wider. Even so, he gradually comes to love rakugo more and more, and to develop something of a normal life. But the shadow of the war approaches, tearing rakugo, love, and friendship apart...

Kikuhiko and Hatsutaro, promoted to futatsume, left their master's house to live an impoverished life on their own. Ever since changing his name to Sukeroku, Hatsutaro's popularity has skyrocketed. Even Kikuhiko is shocked by his unwavering ability to make people laugh at difficult stories. Meanwhile, Kikuhiko is working to feed the both of them, so much so that he can't even get good training done. To cheer him up, his master introduces him to a geisha called Miyokichi...