Thanks!

No, looks correct. Take it off and look for the arrow. If you are wondering about clearances at exhaust...in 75/76 for the 400 with same fender there should be nylon spacers on the two back bolts which tip the fender slightly away from the exhaust. Don't know if they were called for in 74 but same fender and footprint as the 75/76 400. I have a couple oem spacers if you need a thickness measurement.

I'm guessing its an aftermarket guard for leading axle style forks which has a different offset so it sits too far back by the offset difference. Just doesn't look right or is the angle of the photo giving a different view.
That's an impressive fork brace so long as doesn't hit the guard under fork compression. Did you make that. Could market them.

That fender looks 100% oem for that bike and facing the right way.

Msavitt,

It's the right fender, mounted correctly, but if you ride it hard enough to bottom out the forks, you'll understand why most folks didn't put fork braces on 'em back in the day...

Hammer

thanks all
its a yamaha that I bought off a gent in Jakarta...funny aside is that DHL and Mo got it to me way faster than Partizilla!  I paid more than I wanted for it, but the one that came with the bike was junk
I found the fork brace on eBay...it is really a nice piece of hardware, no interference after many miles
I am down to nothing left to do on my bikes, which is good and bad....I am on the hunt for another project