But a "cut" with no draw (or push for that matter) that simply lands flat will do some damage but will be very unlikely to cut through much at all -- it's simply a matter of how blades work (which is why I added the caveat above about pushing down the opponent's sword as an interpretation of the movement). The Japanese sword doesn't work all that well as an axe -- wrong blade shape and design. And an awful lot of Aikido Bokken "cuts" I've seen over my time would really not work well with a real blade against, well, most anything as a target.
i always have the urge to attach a battle axe blade to my big bokken. wonder if it can be done. it must be my barbarian dna sneaking in somewhere. is there such thing as aiki-axe? i would drop the aiki-ken and jo just to learn that, aiki-axe that is. does japanese use axe in battle?