Although this bright green condiment is often referred to as 'Japanese horseradish', it isn't actually related to horseradish at all. It comes from the root of a perennial herb that grows in Japan and eastern Siberia.
Wasabi is a traditional accompaniment to sushi and sashimi, but it can also be used to make dressings and sauces. Fresh wasabi is rarely available outside Japan, but in the UK it's available in paste or powdered form. The latter is a better choice, because you can use it as you need it by mixing to a paste with water.