Punch'ong ware is a kind of traditional Korean stoneware with inlaid patterns. It is known as "Mishima" in Japan.
This example has been handed down as a flower vase. White slip (liquified clay) has been applied over the gray paste, which creates the white inlaid pattern of peonies on both sides of the body.
The slightly deformed shape and the lively peony pattern produce elegant simplicity, which is a key feature of the unfussy and uniquely-designed Korean ceramics in the Joseon dynasty.