Hamaya, which can be translated as "demon-breaking arrow", it is a wooden decorative arrow, considered to ward off misfortune and to attract good luck. The tradition seems to originate from an Edo Period custom of gifting a decorative set of bow and arrow to newborn boys, at the first celebration of the New Year.
Today, some shrines are still selling a bow and arrow set, while others are making only the arrow. Depending on the shrine, the Hamaya is decorated with various auspicious items, such as the Tengu mask in this photo taken in Kyoto, at Fushimi Inari Taisha.
EXIF info:
Nikon Df
Lens: 24-70mm F/2.8G
Focal Length: 55mm
Aperture: F/4.5
Shutter Speed: 1/100s
ISO Sensitivity: ISO 800