That doesn't look like a victory march per se. Here's footage of a victory march in the Philippines which looks far more like the Western sort of victory parade.

Further digging revealed a clip of the actual Nanking victory parade. (I suggest ignoring the comments as the uploader appears to be a Nanjing Incident denier.)

The presence of the drums and the garb of the soldiers participating suggest to me more that they are participating in a pseudo-religious ceremony. My best guess is that they are doing a Shinto dance to honor the spirits of their fallen comrades, although its one I'm not familiar with. If you look at the end of the above clip there's a scene where they honor their war dead by burning incense and raising it to the sky, which is similar to that bit where the dancers raise their arms to the sun.