Kazuaki Hasegawa

JR West's network connects many of Japan's most popular tourist destinations, making it a primary beneficiary of the inbound tourism boom. Japan's post-pandemic tourism surge has been transformative for JR West. Record numbers of international tourists visiting Osaka, Kyoto, Hiroshima, and other western Japan destinations have driven strong demand for both Shinkansen and local rail services. The upcoming Osaka Expo 2025 and the potential integrated resort (IR/casino) development in Osaka provide additional catalysts. JR West has also expanded its non-rail businesses, including hotels, shopping centers, and real estate development around key stations. Hasegawa's management of the tourism-driven revenue recovery, station-area real estate development, and operational efficiency improvements are the primary drivers of JR West's stock. The Hokuriku Shinkansen extension to Tsuruga and eventual connection to Osaka will expand JR West's high-speed rail network.