If it were mistiming in a 'too late' sense, that would be a logical conclusion (except not since 'too late' for katana would simply get you hit because you wouldn't have a guard up, but lets ignore that). My interpretation is that after the first katana counter parry he does, he's guarding before he's fully lockon-autofollow turned around, locking him in at an angle that the katana guard doesn't cover for a 'too early' strike.
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