Mix michiko and 2 cups water. Line upper rack of steamer with wet cloth and put dough into it. Steam over boiling water for 30 minutes.
In small saucepan, dissolve sugar and 1 cup water over low heat. Add food coloring to syrup. Put dough in large bowl and mix 1/4 cup of syrup to blend into mochi.
In 13x9 inch pan, oil and coat with cornstarch. Put mochi in pan, spread with spatula. Pour more cornstarch on top. Cool 2 hours. Slice mochi with knife dipped in cornstarch to prevent sticking. Put cornstarch on cut ends. Store in airtight container.
