That things got slacker angles than my xc bike.
The things you find Erle…
Are they really crude TIG welds, or really crude fillet brazings? 
Thread reminds me of
Beardo : Original Foldaway Beard hats — Home
They look like unfinished fillets, yuck
This is nothing like the Toei’s I adore and covet highly.
TOEI photo gallery
Flickr: Toei Bicycles
Photos of custom bikes designed by Hiroshi
Me says it’s a cut price junker built for Alps (of handlebar fame). Apart from the stamp I don’t see anything Toei about this at all.