The chant is that favoured by practitioners of the originally Japanese Nichiren school of Buddhism.  Its repetition and sound act as a meditative chant helping the reciter to enter deep states of meditative bliss. 
Literally it means South, non-existent, wonderful, sublime, The Law of Buddhism, Lotus Flower , scriptures. 
Or translated  more figuratively  "I take refuge in the sublime Dhamma of the Lotus scriptures"- the Lotus Sutra or scriptures  is a base teaching for Nichiren Buddhism which states that the Buddha is eternal and submits himself to the cycles of birth and re-birth in order to save humanity - similar to Christianity perhaps ?
 
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