A slightly hybrid toy this, the Yo-Ball. Patented in the USA in the early 1980s, it has some similarities with a Yo-Yo. However as the toy moves down, it winds up a light spring. Then as the toy travels up the string, the spring winds the string up again.
These two versions of the toy, the Cheeky Chimp and the Flying Bird, were made by Alps Toys of Tokyo, Japan in the 1980s.
As well as travelling up and down the string, these toys animate and there are sound effects as well!