A Japan-led maglev train project on the U.S. east coast has yet to make progress even 10 years after the countries' leaders discussed the topic, amid mounting challenges such as construction costs and regulatory clearance.

Central Japan Railway, a leading developer of the superconducting maglev, promoted its readiness to help build a transportation system that would connect Washington and New York in one hour, one-third of the current travel time for Amtrak's Acela express train, during an event last month in Manhattan, New York.

Koei Tsuge, chairman of JR Central, told the audience that upon completion of the so-called Northeast Corridor project also including stops in Philadelphia and Baltimore, "a super megaregion will be formed, which will definitely have a large economic effect and a positive impact on people's lives."