This is a soft vinyl figure (Sofubi) from Planet Toys' series featuring Hideshi Hino's work, specifically the "Furanjin" (Furanman) design.
I believe it's from around 2002.
This is an event-exclusive color scheme.
Hideshi Hino's works have rarely been made into figures, making this a very rare item.
Furthermore, this character was designed specifically for this figure project, and it's a great design that is very much in the style of Hideshi Hino.