This wall-hanging is made from Chirimen silk which is woven with twisted thread and has a lovely a lovely quality and drape. It is backed with a rinzu silk with a woven patterns of diamonds (hishi).
The image shows the transition from sky to earth and suggests change over time.
Whilst more modern in style, this theme of endurance and transition in nature id fundamental to Buddhist belief and the Japanese sensibility. Waves (nami) also have the meaning of eternity, as the waves never cease.
The cord is also vintage silk and is an Obijime. This decorative cord holds a kimono together around the waist.