Like the various techniques used with the Sharingan, this technique is named after a Shintō goddess. In this case, it is Izanami, who, together with her brother and husband Izanagi, created the islands and other deities of Japan.
One of the most famous stories about Izanami tells the tale of how Izanagi goes into Yomi, the Japanese underworld, to retrieve her after she died giving birth to the Shintō fire god, Kagutsuchi. In Yomi, he manages to get Izanami and they both try to leave, however, Izanagi was not supposed to look at her before they escape. Right before they reach the exit, Izanagi looks back and sees her in a decayed form. Frightened, Izanagi flees from Yomi and blocks the cave. Izanami curses Izanagi saying that she will kill 1000 people per day. In response, Izanagi says that 1500 people will be born each day. In another variation of the story, it is stated that Izanami told Izanagi to leave, however, he came back while she slept and lit a fire that revealed her decayed form, prompting him to escape out of fright, and barricade her inside with a giant boulder.