I saw this at least twice on Channel 56 (Boston) Creature Double Feature when I was a kid- and it's the kind of movie you remember but can't believe existed. It was pretty amazing! This giant ancient Japanese warrior statue comes out of the sea and starts kicking ass. I had to wait for the internet and the debut of Google to find that I was right---it does exist. Now I am psyched and want to get the DVD if it exists. Right on !
Other films on Channel 56 were the original War of the Worlds, which scared the hell out of me (it's really scary for a bad old sci fi flick---its the tentacles which I could psyche myself could be outside my window) and also the X from outer space and some other weird stuff that I will no doubt find out about someday, but this is really hallucinatory and amazing.