Soak the kombu: If there is a chalky film on the kelp, resist wiping or washing it off as it contains natural glutamates. Put the kombu and water in a saucepan and set aside for 15 to 20 minutes to extract flavor from the seaweed. For greater depth, soak for a few hours or cover and refrigerate overnight.
Make the dashi: Heat over medium heat until small bubbles break at the surface and have formed at the sides of the saucepan; some white foam floating on the surface is okay. Remove the saucepan from the heat and scatter in the katsuo-bushi. The flakes will float at the top and then start sinking to the bottom of the saucepan. After waiting 3 to 4 minutes (it is okay if the bonito flakes are still floating on top; don’t wait too long or the stock can become overly fishy), remove the kelp and reserve for other purposes. Line a mesh strainer with a coffee filter, paper towel, or muslin, then strain the stock.
The stock is ready to use, or you can refrigerate if in an airtight container for up to 5 days. Sediment gathering at the bottom of the storage container is not a sign of spoilage.