What is Mochi? Mochi cake is a traditional Japanese Style gourmet rice cake cookies. This dessert is especially popular during the New Year because it symbolizes all these wonderful ideas about wishing each other good health and fortune. However, it has become more popular as time passes, and is now consumed by people all over the world on any occasion. Their addictive chewy textures along with the deliciously sweet red beans strewn throughout the cake have made this an irresistible low fat snack for the whole family.