No. You are not allowed to sell one without a license unless it is made in the traditional manner (place of manufacture not important) or pre-1954 Japanese original. You are not allowed to buy one unless you are part of a martial art club, or the sword is for martial art purposes, or for re-enactment purposes or the blade is less than 50cm, or has a straight blade. These last two may mean that your sword isn't actually a katana, but if you've been cut by a sword you are rarely bothered by what model it is! If you already own one then that is legal. Interestingly this means that although it is easy to get hold of a katana totally legally it is nearly impossible to acquire a ceremonial WWII sword. Strange but true and another example of why knee-jerk policy making is foolish and ineffective.
I can go and drink whatever I like in whichever public space I wish. If I make a nuisance of myself I may be arrested. If I do so where a local by-law prohibits it (DPPO etc) then the police may ask me not to and take my booze away.
Combining street drinking and katanas is not recommended!
So in what way is making government policy unaccountable a good thing?
Bookmarks