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Certainly you can, it's legal in Canada :) Just go into it with your eyes open and expect that you may encounter some judgement or confusion from some people, and be prepared for possible demands for explanation and clarification. I'm sure there will be people out there who think you shouldn't do it. If you're ok with also giving your child that potential job (of explaining and defending your choice) then do it.

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I think the main difference in your example is that the name is referencing a person who is/was Japanese, it's not being done just because you think Japan is "cool" or whatever, so it's not cultural fetishism.