I know a little about Arisakas, but I am no expert.
Your rifle appears to be a late war product. Even though the receiver is machined for a dust cover, they were no-shows by the time your rifle was produced. The monopod and the aircraft sights were also gone by now. I can't tell from the pix, but likely you don't have a cleaning rod...those were also stopped late in the war. The fixed rear sight is also late war. Does yours have the wooden buttplate? Even so, the Japs were still croming the bore. In its prime, the Arisaka was likely the strongest bolt action ever made for a standard hi powered rifle cartridge. Very late the in war, metalurgy suffered. You should have any problem shooting factory Norma.
Many Arisakas ended up in the hands of the Chinese and Viet Mihn. The Chinese rebarreled many into 7.62 x 39. The Arisaka soldiered on in SE Asia well into the 60's and later.
Arisakas were not and are not junk.
Regards,
Mark