Unfortunately, the only way for me to properly understand the construction of this phrase is to understand the individual purpose of each word. Either that or treat the whole thing as an idiomatic black box, but I am not very happy to do that in this case since I believe that the overall meaning can be understood from the combination of the parts.Like I said, trying to find a word for word translation is more trouble that its worth.
OK. this is not a million miles from my earlier suggestion "So what do you say?" / "So what is it that you say?".understandable phrase - "So, what are you saying?", or, "So what are you trying to say?" (but note that already there is a slight deviation from the original Japanese).