They also made a remake that was aimed at Western audiences, which wasn't ever released here and therefore died. The Japanese found it to be a Bowdlerization and the Americans it was meant for never saw it.
I'm not certain how I know this, but the monster in this clip is a Kasa-obake, a type of possessed umbrella spirit from Japanese folklore. It was believed that any object kept in family for over a century would become possessed by an impish demon and bring mischief to the household.