This is actually a 'Hotai' ... Hotai ("Hotei" in Japanese, "Budai" in Chinese) represents a jolly, plump Chinese Buddhist monk who lived in Later Liang Dynasty China (907-923 C.E.) in the town of Fenghua.
He was famous for his girth, good nature, and great generosity. He could accurately forecast the weather. He was greatly loved and after death his reputation spread throughout China. Statues of him were made and placed in homes and businesses in the hopes of bringing good fortune.