This is the shaft/valve that adjusts the fan pattern at the top of ls400 and ws400 spray guns. It is part 5-2 in the parts diagram or part number 93505432.
Iwata LS400 WS400 Fluid Adjustment Knob 93505831 Supernova
Iwata LS400 WS400 Fluid Adjusting Guide 93505492
Iwata LS400 WS400 Fluid Nipple 93505421
Iwata LS400 WS400 Air Adjustment Assembly 93505842
Iwata LS400 WS400 Fluid Screw Assembly 93505822
Iwata LS400 WS400 Fan Adjustment Knob 93505471 Supernova