Japan is one of the world's leading railways. Indeed, it was the first country to develop high-speed rail on October 1er 1964, during the Tokyo Olympic Games held from October 10 to 24, 1964. Rail transport holds a real fascination for the Japanese, who discovered it rather late but quickly adopted it given the spatial configuration of their country. The paper will investigate the business model of the The Hakone Tozan Mountain railway which is the oldest mountain railway in Japan.