
"Raccoon" in the English name refers to the raccoon-like markings on the face.
The Japanese name Chouhan has two proposed etymologies: one says the name refers to butterfly-like spots (cho = butterfly, han = markings), while another says the white pattern resembles the Nagahama hood (Nagahan) worn in traditional Japanese theater.
A very similar species is the Red Sea raccoon butterflyfish, which is found in the Red Sea.