Yes it is bro. Exactly like Deidara's Suicide Bombing Clone Jutsu. The technique is more than likely performed with the similar mechanics as an explosive tag. The paper is the detonatee, while the chakra is the detonation. I have the Second Databook translation in one of the "Ø" symbols.
Edit: Here's the scan fam:
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That's how the majority of Itachi's arsenal is really. His arsenal is slick, just like him if you think about it. A real powerhouse, in a subtle way.