No, it is definitely a tanuki (which makes raccoon closer to correct than a wolf).
The images are from a series of commercials for a Japanese construction firm Anabukin. You can see the full commercial
here (QuickTime movie). The big bad wolf does make an appearance in the commercial. Now, why do the rabbit, bear, wolf, and buck all have very large breasts? According to Lani, the line in that part of the song in the commercial is about being very proud and the Japanese idiom for being very proud is literally something like "makes your chest big" and they are making a very literal joke out of this.