The Japan Aerospace Exploration Agency (JAXA) announced Monday the official name of Asteroid 1999 JU3 - Ryugu.

Ryugu is the target asteroid of explorer Hayabusa2. The name was derived from the Japanese ancient story "Urashima Taro," where the main character retrieved a casket from the Ryugu Castle, or the Dragon's palace. This is somehow depicted in how the Hayabusa2 would also acquire samples or "treasures" from the asteroid.

The name is also a reminder of water because the castle in the story is under the ocean, and water is believed to exist on the asteroid.

No other asteroid uses the name yet and all rules stipulated by the International Asteroid Union (IAU) are met, making the naming an easier process and a fairly quick one, Space Ref reports.

A total of 7,336 entries were sent during the naming proposal campaign between July 22 and Aug. 31. Thirty of those entries suggested "Ryugu," according to a press release by JAXA.

The Hayabusa2 mission is also going well. The asteroid explorer performed an "additional ion engine operation" on Sept. 1 and 2, in preparation for its Earth flyby in December.

Hayabusa2 has successfully performed an "additional ion engine operation" on Sept. 1 and 2 to fine-tune its trajectory for its planned Earth flyby in December, Planetary Org reports.

The mission to obtain samples from Ryugu is set in 2018.