LOL

Does this actually exist or was it photoshopped?

Have you ever heard of something as big and weird as this? o.o

Photoshopped, look at the right foot compared to the background. Lighting is different and the pixel density is different.

i think it looks like "arina shinyokohama goes to school!", an... uh... sculpture (if you see that, it looks just like a figure) by Yuuki Ooshima.

Photoshop. I can tell by seeing some of the pixels and seeing a few shops in my time.

It's also in the lighting. It was clever around the legs, but notice the reflections of the top right of the sock folds and the shirt. It would have to be early morning for the lighting to be that... Or a desktop-type lamp.

This is one of the better 'shops though, IMO.

LOL so you think someone would put a giant porn statue on the town?

This is photoshopped. He did a great job with the Light on the figure, but you can see it on several spots, as the foot or the shoulder. I have got an eye for this since i do this things myself.

He really did a very wonderful job inserting a figurine in an actual cityscape.

This picture was posted before the actual giant statue was built, so it's without a doupt, a photoshop.

See also: http://www.ne.jp/asahi/nob/co/tamaki/topb30b.htm (I actually have the figure with the bucket. It is a couple of inches high.)