As a Japanese who also speaks Chinese, I would like to comment on this topic.
Yes, you're right, printed on the fan is the Heart Sutra(
http://en.wikipedia.org/wiki/Heart_Sutra ), with Japanese way of reading next to each Kanji (Chinese Character).
The sutra is writen on the navy blue paper with golden ink.
This a common combination of colors when you write sutra for calligraphy exibitions in Japan.
However, putting hiragana (a set of phonetic letters of Japanese) next to Chinese characters is not common in exibitions.
This is a way for guiding beginners.
Some common kanji have ten or more possible readings.(
http://en.wikipedia.org/wiki/Kanji )
That's why even for a native Japanese, sometimes it is difficult to know the correct way of reading.
Anyway, I hope the fan will keep being a part of the decoration of your room, and the power of sutra will make you even stronger in the game of go.