This rare kanji has no clear standalone meaning. Treat its meaning as uncertain.
楿 combines 木 (tree) with 香 (fragrance), likely referring to a fragrant tree, possibly the katsura tree. The exact historical development is uncertain.
A tree 木 that smells like incense 香: imagine a fragrant katsura tree.
For かつら, picture a fragrant katsura tree wearing a wig (かつら in Japanese): the wig reading かつら helps you remember the tree's name.
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