#ted because kanji thinks hes cute (in bear form) nanako because the whole it adores her including kanji

[5-pp-man]

It's probably never addressed in-game seeing as this is a dlc outfit (there might be an interview floating around somewhere that goes more in-depth about the design choices in the sogabe designs, but I haven't found anything so far) but it's pretty obvious that the little bear is meant to be Teddie (if the outfit isn't enough to convince you, it even says マスコット aka mascot in katakana, and well, Teddie is p4's mascot)

But I've been wondering about the other two, at first I dismissed them as just cutesy characters not meant to look like anyone in particular, but well... I looked at some other official art and I'm pretty certain the pink bunny is Nanako and the green frog is Yosuke.

"But Kanji has been shown making bunnies multiple times, why is this one in particular Nanako?" let's compare then, shall we;

On the left, from some p4 the animation art, a pink bunny with purple pants (that doesn't really match anyone besides Kanji himself, since his theme colour is purple), in the middle; Kanji's phone strap in the anime, just a simple pink bunny with no further characteristics. But on the right; a white bunny wearing Nanako's dress with a little pink flower.

"But this bunny is pink, not white! And the flower is white, not pink!"

Behold;

I rest my case.

And now, the frog.

So yeah. mystery-that-nobody-really-cared-about-and-if-they-cared-they-would've-immediately-come-to-the-same-conclusion-as-I-did-without-all-that-extra-research solved!

Though, a new question arises, why these 3?