This hanging is made from a silk panel of a vintage Japanese kimono, most probably a kuro tomesode.
It depicts Shi-shi or dog lions, associated with the Buddhist deity Monju, known as symbol of power and protection. It is said to be the king of beasts and often found in temples or on the left side of the entrance to some Shinto shrines.
The image has been hand-painted and then embroidered with silver threads “couched” or laid on the fabric surface and stitched down with fine silk threads. The technique is called shusu.
The piece is also backed with kimono silk and hung with a silk obijime, which is used to tie around the middle. The fringing is not Japanese but is a vintage ceremonial military decoration.