I was doing a small test for my own interest, and I figured out why those weapons aren't doing what they are supposed to.
As you know, weapons such as the Mist Whip do not inflict Paralysis and of course I can name various other examples.
This might shock you.. but these weapons are treated as armor! Yes, I'm not kidding. Here are some examples...



As you can see, Yang and Palom absorb Holy... now why is that...

It's not just the Hero Shield right?

As you can see... someone goofed in forgetting about the weapons in a certain section...
I stumbled onto this behavior when I was testing out the Requirem Harp in the US version (the Giants weakness aspect), and I found Edward absorbing the Flamethrower attack... which seemed odd since he wasn't equipped with the Hero Shield. Since the Drain property is for weapons and the armor's version is the Absorb property.. when you connect the dots.. it makes sense.
What this means is that the Loki's Lute makes Edward resistant to 7 of 8 monster races instead of being effective against them offensively.... status afflictions become status resistances.. and elemental attack properties become elemental resistances.
It is clear what the error is now after understanding this behavior.