In a large mixing bowl, add the whipping cream, matcha powder, and vanilla extract. Use an electric mixer fitted with a whisk attachment to whip the mixture until it becomes firm peaks.
With hand, drizzle the condensed milk into the whipped cream while folding it in with a silicone spatula with your other hand. Fold until combined and no streaks of condensed milk remain.
Pour the mixture into a loaf tin or any container of your choice. Cover with plastic wrap and freeze for at least 6 hours or preferably overnight.
When serving, run an ice cream scooper until hot water and wipe dry before scooping. Immediately return the rest of the ice cream to the freezer. Serve as is or top with dango mochi.