Central Japan Railway has planned to begin work on the 65.6 billion dollars maglev line, which will use magnetic power to propel trains between Tokyo and Nagoya, in April next year, Stuff.co.nz reports.
The company has spent five years to build a 24-kilometre extension track on which the trains can run at a speed of 500 kms per hour, almost double the 270 km per hour speed of current bullet trains, the report added.
The maglevs will take passengers to Nagoya from Tokyo in 40 minutes on the 286-kilometre journey, the report added.
Meanwhile, it is being speculated that Japan's population will reduce to 117 million by 2027 and if the population projections are correct, then the use of the bullet train will go down.
However, the project is unlikely to be completed on time as the company is facing challenges, like tunneling under Tokyo's skyscrapers and Japanese Alps as well as high construction cost.
JR Central's officials said that they will use cash flow along with loans and bonds to fund the project and won't depend on government financing.
--ANI (Posted on 30-08-2013)