literally is "Isn't it OK", and usually it means "That's OK" or "No problem".
In general, is a pompous expression and used by high-ranked people, such as kings, mainly in fiction. Usually real people use shorter expressions such as "", "", "?", "?".
So-called is also a famous recurring joke in Japan, and that's why you got many search results related to this. This is how it goes:
> Woman in kimono: _Please stop it, sir!_
> Man: _Hehe, don't worry, it's fine..._
> Woman: _Oh, nooooo!_ (kimono stripped)
> (Maybe some kind of hero jumps in)
I doubt real people in the Edo period played like this (belts in kimono are not that long!), and apparently almost no one knows who did this first. I remember a Japanese comedian (Ken Shimura) did this frequently in his comedy show in the 1980's.
If neither of these explanations still makes sense, please edit the question and provide more context.