This Japanese toy is about 20 years old. It is a variation of the old idea that a spinning top can be made to follow a 'guide' if there is a magnetic attraction between them. We show this elsewhere with the Paperclip Top.
In this toy, the spinning top is replaced with the central spindle, which is magnetic, and which rotates. The toy is constructed like a wrestling ring (or is that a Sumo ring?) and when the two metal snakes are placed in contact with the spindle, the snakes whizz too and fro, and sometimes one of them ends up falling out of the ring, making the remaining snake the 'winner'.
An ingenious reversal of a trick that has been known for a long time.