It looks more like a scythe than an axe to me.

And that is why it is so glorious to me.

http://www.cow-spot.co.uk/tokusatsu/...0298546087.jpg

EDIT:
It doesn't come with dragon parts.
Parts from Flame Dragon set is required to make Infinity Dragon.

Usually when SIC SIC-ifies something to that extreme, they offer a less-SIC version. Like PuToTyra's blaster having the removable extension. Then again, it's not always true, but it certainly would've helped here. Nothing like needing a stand for the figure to hold it's own weapon.

I just realized the ax is probably a lot smaller than it appears in the pic. Look at the picture where all the weapons are shown next to each other. Look at his swords, then look at the picture above it showing him holding them. Now, the ax is about the same size so... it isn’t that huge after all.

They just use perspective to make it look larger than it is, that's why they use a stand, because the ax is floating closer to the camera, Wizard isn’t actually holding it.

Is he supposed to be throwing it?

Its probably meant to look like his finisher where the Axe grew giant.

http://p-bandai.jp/category/0001/item-1000098960/


http://bandai-a.akamaihd.net/bc/img/...00098960_2.jpg
http://bandai-a.akamaihd.net/bc/img/...00098960_5.jpg
http://bandai-a.akamaihd.net/bc/img/...00098960_6.jpg

Huh.

Guess it really is giant.

Also, get he even actually hold it? His hands just sort of sitting on it.

He's holding the silver part extending from the handle.