DTM, I think it is a sword made in China during the war. The lower ranks were fond of the traditional style and would purchase them locally. There are plenty of pictures of them carrying such swords. See the second picture down from the top. That's my story and I am sticking to it!
白兵
Picture translation via Google Translate.
昭和十四年に支那大陸で写されたプライベートアルバムに写る二人の上等兵で、各々が「脇差」をベースとした「私物軍刀」を所持している。両者ともに「脇差」の「鞘」を革で包むとともに「革帯」に佩用にするための金属製の「佩環」が「鞘」に付けられている。また右の上等兵は柄部分の「柄巻」を護るために布を巻きつけている。両者とも昭和五年制定の「防暑衣」を着用している。These are two privates pictured in a private album taken in China in 1939, each carrying a "private gunto" based on the "Wakizashi."' In both cases, the "sheath" of the "Wakizashi" is wrapped in leather, and a metal "car ring" is attached to the "scabbard" to be worn on the "leather obi." Additionally, the private on the right has cloth wrapped around the handle to protect it. Both men are wearing "heat protection clothing" that was established in 1930.