I see Japanese chisels touted because they use white or blue steel. What the heck does that mean? There never is an explaination of why white or blue steel would be desirable, or even what the chemical difference is between white and blue steel and high carbon steel. I've even seen copy saying Japanese chisels are made from old anchors. Why is that a good thing and why the devil are there so many anchors laying around Japan?

My personal experience with Japense chisels hasn't been good--poor edge retention and chipping. I assume its because they are hardened to RC65 which makes them more brittle than western chisels. I thought that was a result of the hardening process and not the content of the steel. Does anyone know the story behind the colored steel?