Literally "fluffy fluffy time". "
Fuwa" is an adjective used to describe cute, adorable, and light things. Frequently shows up in anime involving one or more female characters gazing, mouth open and eyes wide, at miniscule, brightly-colored, and otherwise kawaii piece of merchandise. The word has become synonymous with Japanese moe culture.
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Fuwa Fuwa Time" (ふわふわ時間) is the name of a song by Houkago
Tea Time, a fictional band in the anime "K-On!"