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).

So you mean that while I read right to left and top to bottom, the first column is in chinese and the next column is the japanese way of reading, so on and so forth ?

Thanks billywoods, for the explanation.

I am happy to see the calligraphy of my favorite master is linked.

(To those who don't know)
The black and white calligraphy is said to be writen by Ouyang Xun,(欧陽詢）　a very famous Tang（唐） dynasty master.
(Actually, Master Ouyang wrote on a white paper with black ink, then someone carved the letters to stone board, then someone else put black ink all over the stone board and put wihte paper on it. )

If someone put black ink all over the stone board and THEN put white paper on it, wouldn't the words be in mirror image?
Unless of course if the letters on the stone were carved backwards first for use with printing.
But normally aren't the stones with carved calligraphy shown with the words correctly for future generations to admire?

Not quite. You should notice that each column consists of two sets of characters: the large, main characters (mostly angular in style) and some smaller characters just to the right (mostly curlier). Look at the first character: it splits into two parts, the Chinese character 佛 and its Japanese pronunciation ぶつ (the ぶ is on top of the つ). Chinese characters are used, with small modifications, in Japanese (and called "kanji" there), but their pronunciation is difficult, so Japanese also has a native phonetic script. The text on your fan is written in Chinese, but with Japanese pronunciation marks alongside.