This is a posable action figure.
From the MegaHobby website:
MegaHouse's new action figure series "Variable Action Heroes" has made its launch! The first edition is Monkey D. Luffy from the overwhelmingly popular anime series "ONE PIECE". This impressively sized 18 cm tall figure has been attractively crafted and undergone realistic painting making this product one which can be enjoyed through both decorative display and use.
It comes equipped with 3 expression parts and a combined left and right total of 6 hand optional parts. The removable straw hat also allows for poses to fit any situation, giving this product great play value.