The Japanese government has promised to lend the United States half of the cost of building the first "Super-Maglev" train, reducing travel time between Baltimore and Washington DC to just 15 minutes.
Tokyo is so keen to show off its technology that it will provide loans for half the estimated $8 billion (£5bn) cost of installing the tracks, Japan's Asahi newspaper said on Tuesday.
The American federal government is keen on the project, according to Central Japan Railway Co., and state authorities are especially enthusiastic.
"The national government has shown interest, a source at the company said. But a number of the states in the north-east corridor such as Maryland are particularly keen for faster rail links and more advanced technology.
The 37-mile journey between Washington DC and Baltimore presently takes one hour by conventional rail link, and the Japanese government and Central Japan Railway Co. hope to use the project to showcase what it believes will be the transportation technology of the future.
Eventually, a 453-mile track linking the US capital with Boston will be constructed.
The proposal for the Maglev route was first put forward by Shinzo Abe, the Japanese prime minister, during talks with President Barack Obama in February and interest is increasing among states in the north-east of the US, according to Central Japan Railway Co."
I want to propose that (the United States) introduce the Maglev train system to represent Japan-US cooperation," said Mr Abe at the meeting.
Mr Abe has devoted effort to travelling around the world to promote the export of his country's infrastructure technology. The latest proposal for extending a loan to the United States is part of such efforts.
Maglev vehicles have no wheels and are propelled along their track through electromagnetic pull doing away with friction and, hence, providing a smoother and quieter ride at a faster speed.
Conventional Maglev technology is already in use on a number of short routes around the world, but is limited to a speed of around 267mph.
Japanese "Super-Maglev" trains are already operating on test tracks at speeds of more than 310mph.
The latest Series L0 maglev was unveiled in late 2012 and measures nearly 92 feet long of which 49 feet forms an aerodynamic nose section and is fitted with 24 seats. A full 16-carriage train will be able to carry 1,000 passengers.
The state-of-the-art trains are scheduled to go into use in 2027 and link Shinagawa Station, in central Tokyo, with Nagoya. At present, it takes 90 minutes for a conventional "shinkansen" bullet train to complete the journey between that two stations, although that will be cut to 40 minutes by the new technology.
The aim is to extend the line to Osaka by 2045 and the cost of the new lines has been put at Y8.44 trillion (£64 billion).
The Japanese government is hoping to have the US maglev operational within the next decade and that it will serve to encourage other parts of the US and countries around the world to purchase Japanese mass transit technology.
