Japanese mixed with Jamaican slang. Derived from 'Konnichiwa' which is a basic Japanese greeting, and 'wagwan'; a form of 'what's going on?' in West Indian Jamaican dialect. Increasing vast popularity in the streets of Central London. Literally implied as 'Hello, what's going on??'
12 step recovery jargon referring to someone new who talks about how great life is, now that they'resober. Usually meaning that the person is out of touch with reality.
The new guy seems pretty happy for a dude who has no job, no money and no family. He must be on a pink cloud.