Ben, as far as the last part of your answer, I believe it is unlikely. The sleeve was a tube and the core inserted inside, then probably shaped with a power hammer, so there shouldn’t be any demarcation line.
Bruce, your memory is correct, although I think only the first hundred swords or so were made that way and given to the Manchurian army, probably as a publicity stunt (now, if I remember my history well too! ). Then, seeing they were onto something, they brought in a couple of real swordsmiths to teach the guys who’d done it on their own to do things properly. Then the real production started and I don’t think it varied much after that. So the Hada, imho, can come from three reasons:
- as others have mentioned, it is the natural Hada of the metal (most probably)
- said natural Hada varies according to the skill of the polisher
- we know they used an outer sleeve and inserted the lower carbon rod inside. Much is said about that rod, but unless I missed something, no text I have read discusses the manufacture of the outer sleeve, so who knows?