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Price 1 gp; Weight 1 lb.
This is a sheath designed to be strapped to your forearm and hidden under a long sleeve. The sheath can hold one forearm-length item, such as a dagger, dart, or wand, or up to five arrows or crossbow bolts. As a move action, you can bend your wrist to cause some or all of these items to drop into your hand (provoking attacks of opportunity as normal). You have a +2 bonus on Sleight of Hand checks made to oppose the Perception check of someone observing or frisking you to determine items in the sheath. You can only wear one wrist sheath per arm.
Price 1 GP (5)
Type exotic
A shuriken is a small piece of metal with sharpened edges, designed for throwing. A shuriken can't be used as a melee weapon. Although they are thrown weapons, shuriken are treated as ammunition for the purposes of drawing them and crafting masterwork or otherwise special versions of them, and of what happens to them after they are thrown.
I assume it is legal to have 1 shuriken per wrist sheath but is it possible to carry up to five? The description states you can carry up to 5 arrows or bolts. Is it because they are narrow or because they are considered ammunition and not a melee weapon? Since shurikens are treated as ammunition and they are not large, would you be able to carry at least 5?
The answer to this will change from table to table I'm afraid. Sadly, it doesn't say 'up to five pieces of ammo' but "up to five arrows or crossbow bolts", so by strict RAW it's a no. However, since shurikens are far smaller than arrows/bolts it would seem silly to say no logically.
So, no matter the reading 1 shuriken shouldn't be an issue. Using 5 of any ammo other than arrows/bolts is up in the air.