> the bullet train prints money for JR

The bullet train in Japan only "prints money" for one JR company: JR Central, thanks to the busiest(?) bullet train route in the world: Tokyo to Osaka. Most other bullet train lines in Japan are break-even or loss making, but supported by the central gov't (for social policy).

    > only profitable because of their real estate holdings around the lines

Again about Tokyu: This is untrue. I could only find stats from 2005, but all train lines in the Tokyo metropolitan area (including Yokohama) have improved farebox recovery ratios in the last 20 years.

Here: https://www.lincolninst.edu/app/uploads/2024/04/2198_1524_LP...

Page 296: Farebox recovery (%), 2005 125.3 (Tokyu Corporation’s entire network)

After the opening of the last Tokyo Metro line (Fukutoshin) -- with direct connection to Tokyu Toyoko line (Shibuya to Yokohama), the farebox recovery is surely much higher. I guess over 150%, but probably closer to 175%. The trains are jammed 8+ hours per day. This means that, excluding real estate development, the Tokyu train lines are profitable by themselves.

    > especially smaller private companies like Tokyu.

About Tokyu: "[S]maller"? Absolutely not. It is surely one of the top 5 largest private rail companies in Japan by revenue/profits. They are huge in the Tokyo area.

EDIT -- Re-org only.