Romaji: Toranu tanuki no kawa zan'you
Literally: Count the skins of badgers which haven't been caught
Meaning: "Don't count your chickens before they've hatched"
Notes: -nu is a negative ending, and toranu modifies tanuki
A tanuki is a Japanese animal somewhat like a badger or a racoon
zan'you (usually san'you) means to calculate, or estimate.