Houchou is a chaotic-aligned artifact weapon-tool, a spoon (yes, spoon) in SLASH'EM. It is thrown at a target, and if it hits, it instakills the victim. There is no defense against Houchou, but if it hits a target, the tool itself is always destroyed in the process. So, save this little item till later in the game, for a truly "deserving" adversary. Don't throw it up in the air; it will kill you.
Randomly, Houchou is made of platinum.
"Houchou" is Japanese for "kitchen knife." In the Japanese RPG Final Fantasy IV, there was a kitchen knife that could be thrown to instantly kill or severely damage almost any monster. In the original English localization, it was changed to a spoon, hence the item being a spoon in SLASH'EM.