2022
JPF Co., Ltd. Head office: 2-4-11 Fujimi, Chiyoda-ku, Tokyo, Japan 102-0071 Phone: +81-3-3285-4851 (switchboard) URL:https//www.jpf.co.jp/

Contents

Corporate Strategy
JPF Vision and Mission

04

Business Principles
CEO interview

06

Four Core Values#01 Passion for fairness and accuracy

10#02 Passion for sports entertainment

12#03 Passion for contributing to society

14#04 Passion for employee growth16

Latest Industry News
Need to know: The surprising relationship between
the COVID-19 pandemic and cycling

18

Corporate Information
Corporate overview, history and network

20

A Future To Believe In
to grasp with your own hands a future of wanting to live positively
with no fear of failure, believing in your own potential,
and with courage and dynamism
decisively and resolutely always embracing the challenge

We are02

03

Corporate
Strategy

JPF Vision and Mission

1

JPF Fields
of Business

JPF Mission

Our ambition: A society that fosters sports- Developing a platform Creating an environment centered on cycle
sports which develops sports and athletes

2

3
Our ambition:
A businessthat fosters
communities

Our ambition:
A companythat fosters people

Promoting a wide
range of cycle sports

Improving the statusof keirin and keirin riders

Our Mission is based on three foundations: Spreading
cycle competition as well as training high-performanceriders, creating a suitable environment, and youth
development. Utilizing our knowledge and networks
developed through management of kōei kyōgi(government-controlled gambling sports) venues, wewill build outwards from keirin jyo around Japan topromote cycle sports, making them more familiar topeople and an integral part of our lives.

As well as making kōei kyōgi venues sports facilities
grounded in local communities, we aim to improve
the status of keirin races and cycle athletes by
pursuing the growth of cycle sports entertainment.
Our initiatives so far include organizing “PIST6,” which
is run under international keirin rules, as well as
Atarundesu (“strike it lucky,”) and Minna-no Keirin(“cycle racing for everyone”) which have opened up
new possibilities in sports betting.

Creating an environment
where people and nature coexist

Community revitalization throughlinkages with local governments

As we work towards building a sustainable society,
we are actively engaged in environmental education
centered on mountain biking and forest conservation
activities. To the children of the future, we will pass on
the message of how important it is to protect and be
close to nature.

Through operating and managing kōei kyōgi stadiums,
we intend to contribute to the development of local
communities. We actively promote businesses andsocial contribution initiatives which bring energy totowns and the people who live there,
in a way that only a company
which has grown inpartnership with local
governments can.

The unbroken spirit of new businessdevelopment

Providing a platform
for growth

After beginning with photo finish technology andprogressing to comprehensive management of kōei
kyōgi venues, we have expanded the scope of ouractivities to cover all cycle sports, development oflarge sports facilities, as well as agriculture, launching
new businesses one after the otherto continually broaden our fields
of operations.

We will continue to be a company which enables not
only the growth of our employees, but also through ourbusinesses enable growth together with everyone
involved in them. To that end, we treasure the spirit of
new frontiers and our culture of “action over thought,”
meaning trying and embracing the challengeof all ideas which come to mind.

- Developing people -- Developing communities
to the citizens -Providing a platform for
growth which respects thespirit of new businessdevelopment

Community revitalization throughlinkages with local governments
focused on keirin jyo (classicalkeirin velodromes)

JPF’s Medium- to Long-Term Growth Vision
JPF 1.0

JPF 2.0

JPF 3.0(at inauguration)(Stage 2: Inauguration to Growth)(Stage 3 Inauguration)

Japan Photo Finish Corporation
Fields of BusinessPhoto finish business

Promoting cycle sports

Business enabling sport to benefit society

SignificanceOperating fair kōei kyōgi(gambling sports)

Bringing energy to communities
through sports

Safeguarding the environment for sports
promotion and youth development

Company Assets

Photo finish technology

Comprehensive managementof kōei kyōgi facilities

Bringing together people and knowledge throughdiverse business development

Desired Employee
Attitude

Spirit of professionalism

Spirit of embracing the challenge

Spirit of new frontiers

Trustworthiness of technology,
and uniqueness as a company

Sporting value of kōei kyōgi

Social innovation focused on cycle sports

Branding

04

JPF Co., Ltd.

05

Business
Principles

CEO interview

Always trying to be the front runnerwhich changes cycle sports
President Shuntaro WatanabeWork history
1990 Graduated from the Department of Law,
Faculty of Law, Keio University

Business Principles

the above, I also received the opportunity to makea prime example. Situated around ten minutes’ walk from Chiba

a contribution as Managing Director and Executive Committee

Station, a major terminal station, the former Chiba City mayor

Chair of the Japan Cycling Federation. Through this role, I wasannounced plans to close the keirin jyo, even though it had

able to learn about a wide range of cycle competitions otherbegun turning a profit. The keirin jyo’s value had been denied.

than keirin and try them for myself. By doing so, I became

This situation generated a strong sense of danger, as people

keenly aware that for Japan to continuously develops genuinely

believed that it could cause cycle racing’s legitimacy via

strong cyclists and consequently remain at the top level ofthe Role Keirin Jyo Should Play”

the right to special legally-permitted sports betting to be lost.

global track cycling, it is necessary for cyclists to raise their skill

2017 Managing Director of the Japan Cycling

As a company involved with the keirin industry for many years,

level by experiencing offroad events - and the distinctivein order to fulfill the responsibilities required by the Bicycle

techniques they require - at a young age.

Racing Act, we focused on firstly turning the keirin jyo we

In Europe and North America, well-established pathways havemanaged into hubs for the spread of cycle sports, and thenkids experience offroad events (particularly BMX) and thenrunning keirin competitions to international rules.

move onto other events including track cycling. In fact,

The reasoning behind these initiatives was that keirin held

the Union Cycliste Internationale (UCI), the world governinga dominant position at the pinnacle of Japanese cycle sports

body of cycling, has established BMX world championshipand that children aspired to it. If we could make the keirin jyo

categories from elementary school age. However, in Japanthemselves hubs for the spread and strengthening of cycle

offroad events suffer a lack of funding and personnel insports where everyone from global élite cyclists to children

comparison to track and road disciplines. I therefore

meet, Japan could at least remain at the top level of global

determined that there was no alternative but to personally taketrack cycling, and the legitimacy of holding keirin events could

the lead in actively promoting the growth and strengthening of

be maintained.

cycle sports overall, focusing on offroad events but spanning all

Finish Corporation (now JPF Co., Ltd.)2013 Appointed as Arbitrator at the Cycling
ADR Center2014 Graduated from the Top Sports Management
Course, Graduate School of Sport Sciences,
Presented a Master’s thesis: “Research onFederation (appointed Director in 2021)
2018 Appointed as Representative Director of
the Japan Cycle Sports Promotion Association
2019 Appointed as Director of the Japan Cycling
Association

Why expand your fields of business to all cycle sports
while focusing on keirin races?
Our company has been involved with the keirin industry foreducation initiatives, and other activities aimed at improving*Please see the author’s thesis “Research on the Role Keirin jyo

age groups, including children.

many years. In order to fulfill the responsibilities required by

the public good, as well as work to improve the soundness ofShould Play” for details.

In parallel with the new initiatives regarding keirin which I

the Bicycle Racing Act as a member of the keirin industry,

local government finances.” Based on these objectives, the Act

mentioned before, spreading and strengthening cycle sports

we must give keirin a presence which is of value to society.

permits keirin and also specifies that the sale of betting tickets

overall would create a sustainable environment for continuously

To increase the value of keirin, it is necessary to create

for bicycle racing is allowed.

producing genuinely strong cyclists. As a result, keirin itself

an environment in which keirin riders are always delivering

In this way, the Bicycle Racing Act expects that keirin will

would be recreated as a high-level and exciting sport, and theworld-leading performances.

- through sports betting - support cycle sports (andpeople who are enthralled and excited watching it enable

That means building an environment which continuously

furthermore sports overall) in Japan, as well as contribute to

generation of revenue streams such as from ticket sales,develops truly strong cyclists, including the need for a pathway

the promotion of the bicycle industry etc.

broadcasting rights, and sponsorship. The increasing status ofby which children can advance to elite levels, which naturally

However, while the keirin currently held in Japan conducts

keirin itself would lead to positive impacts on the surroundingmeans we must broaden our fields of business to all cycle sports.

subsidized projects as the Act provides, they are ofenvironment, contributing to the promotion of genuinely

a fragmentary nature. It is also difficult to say that the keirin jyocommunity-grounded sports. I am therefore convinced thatform “an environment which continuously develops genuinely

doing so ultimately leads to success for our company as well.

1

Fulfilling the responsibilities requiredby the Bicycle Racing Act:
Making keirin itself a presence of value

CEO interview

At the same time as we were taking new initiatives such as2007 Appointed as President of Japan PhotoCEO interview

The need to continuously develop genuinely
strong cyclists:
Expanding cycle sports in Japanbe denied. In fact, the case of the Chiba Keirin jyo provides

Waseda University

06

discontinuing keirin and redeveloping the land keirin jyo stand2

on would provide greater income for towns, their value came to2002 Opens the Tsubasa Law Offices

Supplied by: The Asahi Shimbun Company

the surrounding community. Therefore, in the sense that

Business Principles

1996 Attorney registration

their perceived nuisance value - decrease the value ofstrong cyclists.” Rather, over the last 70 years, keirin has
existed statically in terms of tracks, equipment, and rules,

Article 1, Paragraph 1 of the Bicycle Racing Act states thatto the extent that it has even had negative impacts on

keirin shall “contribute to the promotion of activities such as

Japanese cycle sports.

promoting improvements to and export of bicycles and otherIn addition, keirin jyo in urban areas only make a small

machinery, the streamlining of the machine industry, physicalcontribution to local government finances, and - as a result of07

In an era of intense questioning of corporate social responsibility,
what sort of raison d’être are you aiming for as a company?

What I hope for from
employees and business partners

At JPF, we are engaged in a range of businesses focusing on

an environment in which people who can learn aspire toFirstly, our employees must be aware of our social responsibility

keirin cycle racing. However, we believe that our strengths lie

become élite athletes or engage in sports businesses - is

as a company doing business on behalf of local governments,

more broadly, in the spirit of always embracing new challenges

the social mission of JPF.

who have the right to sports betting specially permitted under

as well as the ability to take action dynamically based on

In addition, we believe that doing so raises the value ofthe law. In that sense, if we are - for example - operating

a flexible mindset unconstrained by existing frameworks or

sports and earns sports betting a legitimacy unavailable toa keirin jyo for a local government, we need to achieve on theirstereotypes.

simple gambling.

behalf objectives for the public good (such as sports

These strengths could only have been built through a culture- which I have personally emphasized - of never being satisfied
with acting out of habit, and of always valuing learning,
thinking, and discovering.

2

Becoming a company providing
a platform for learning about Japan’snatural environment

promotion) which would normally be carried out by the local
government itself. In other words, simply increasing sales
turnover is not necessarily a good thing. I want our employees
to be colleagues who are thinking not about how kōei kyōgi areThus, by leveraging strengths such as these we hope to

As mentioned above, the scope of the Bicycle Racing Act iscurrently run or what laws and regulations they are operated

become through our keirin businesses and cycle sports

not limited to cycle sports, but also states “promotion ofunder, but instead always thinking about the ideals of how kōeibusinesses a company with the raison d’être of providing

physical education initiatives” as one aim of keirin.

kyōgi should be, thinking for themselves and taking action,an environment for learning in local communities and

The field of sports (which here we do not distinguish from

including even requesting revisions to the law if necessary.

throughout Japan.

physical education) does include urban sports, but also many

I also want them to provide background support to people

sports best enjoyed in the great outdoors, such as mountainworking in similar ways.

biking, snowboarding, canoeing, surfing, and diving. Making

With our business partners, I would like to build relationships

the attractions of such sports enjoyed together with nature

where we share each other’s visions and embrace

widely known is directly connected to deeper understanding of

the challenge of working toward the ideal state together.

1

Becoming a company providing
an environment for learning by élite athletes
and people in sports businesses

The essence of the great 19th-century academic and reformer

nature and the environment and furthermore being enthralled

Fukuzawa Yukichi’s “Encouragement of Learning,” is, ultimately,

by it. Sports are intrinsically activities which families can enjoy

that “society will not make progress unless everyone learns.”

together, and so enable parents and children to learn by

We believe that it is critical for not only élite athletes but also

sharing the same excitement. Moreover, I am convinced thatpeople engaged in sports businesses to take the initiative inincreasing the popularity of such sports enjoyed in nature willlearning. This belief stems from the understanding that whenlead to regional revitalization in a country like Japan whereélite athletes - who from their standing have a strong influence

the population is highly concentrated in urban areas.

on society - take the initiative in learning, the path is open to

Inhabited by the most species of organisms in the world,

building a better society.

the forests and oceans of Japan are teeming with life. We can

In addition, sports are a critical platform to bring people

make these Japan’s greatest assets, and be proud to

together, regardless of nationality, ethnicity, gender, or religion,

showcase them to the world. We believe that the social mission

with a value contributing to a diverse society and maintainingof JPF - a company involved in the sports betting business -peace. There is no question that by learning about the meaninglies in the way that providing a platform for learning about

of diversity and peace and then enriching their actions withJapan’s natural environment through sports also stimulates

such concepts, élite athletes can be leaders in the acceptancediscovering Japan’s rich natural heritage and thinking about

of diversity and maintaining peace.

how we should build a sustainable society.

CEO interview

CEO interview

CEO interview

Business Principles

Business Principles

Business
Principles

We therefore believe that creating an environment for learningby élite athletes and people in sports businesses - or creating

08

09

Four
Core
Values#01 Passion for fairness and accuracy

Revolutionary advancefrom film to digital

Judging video: Supported
by practiced craftsmanship

Including the transition from the original film to digital systems,

Keirin requires determination in terms of both the finishing orderelectronic slit cameras have been upgraded through around ten

and rule violations.

generations so far. Electronic slit cameras which we newly

It is the commissaires who determine (called judging) what isdeveloped were used for the first time at the Tokuyama Boata rule violation. The commissaires refer to video taken of the

Racing Course in 1978. The fundamental layouts of film andraces in making their decisions. Directly after each race, theyelectronic cameras are the same, but the transition to digital

check the video and decide if there was a rule violation and if

has replaced the physical slit (a gap of 0.03mm) and film withpenalties are to be imposed. In most instances, we take thisa sensor.

race video and supply it to the commissaires as well as

Film slit cameras have a slot between the lens and the camera,produce the tape review video for spectators. Imaging isand - after careful positioning on the finish line - take slit

A keirin photo finish capturing even a tire’s width

carried out by 360-degree swiveling cameras positioned on topof a tower around 20 meters tall located in the center ofphotographs by feeding and exposing the film at a speed
matching the pace of the moving subjects. By contrast,

Determining the finishing order in kōei kyōgi is a massive

the banking, called the center pole camera system. Filming ofelectronic slit cameras continuously take and digitally process

responsibility, as it has financial implications for both the riders

the race is carried out by human operators who track

images (approximately 2,000 frames per second) of the finish

and the spectators. Our staff certainly feel the heavy

the riders’ movements, and must capture the entire field from

Photography plays a major role in determining the winner ofline which are the width of a human hair. The latest slit cameras

responsibility and pressure, making comments such as “I work

first to last. Moreover, this video models the sight lines ofmany sports with margins of fractions of a second - not only

can theoretically take up to 10,000 images per second.

every day with the attitude of going to the track to take finish

the respective corner commissaires, with cameras installed as

the four kōei kyōgi of keirin, horse racing, kyōtei (boat racing),

The transition from film to digital systems has significantly

line photos even if I had a hole in my stomach or I had to crawl

an extension of each corner commissaire building. Even thoughand Auto Race (flat track motorcycle racing), but also many

reduced the time taken until images are displayed. As film

there” and “I often have ominous dreams such as forgetting toa race only lasts a few minutes, this work demands intense

athletics events. Photo finish systems use a specialized

cameras require time to develop the film, determination took

take the finish line photos, or that the staircase to my bedroom

concentration and accurate operation, filling staff with tension.

imaging device called an electronic slit camera, or a superaround three to four seconds - but modern digital cameras

has disappeared.” Finish line photos are of critical importance

After race filming is completed, the video is edited according tohigh-resolution electronic finishing order determination camera,

enable the commissaires (judges) to determine the finishingin kōei kyōgi races such as keirin, but, surprisingly, a race has

instructions from the commissaires, creating tape review video

to use its full name. In 1950, our Chairman of the time, Shunpei

order instantly.

never gone undecided because the photos could not be taken.

based on the judging results. The tape review video is generally

Watanabe, developed a film slit camera, the forerunner ofThis proud record is thanks to the painstaking efforts of ourbroadcast before the next race starts, so all of this work mustthe electronic slit camera. Slit cameras were originally used instaff. They check the equipment every day without fail,be completed between races. Carrying out this series of tasks

the U.S.A. for military purposes, and Watanabe applied thatand - despite working in an imaging environment affected byquickly and accurately is made possible byconcept in his development work. Initially called the Photofini

complex interrelationships between factors such as the season,thoroughly-designed procedures and trained operators, with

Camera, Watanabe obtained a patent in 1951, and after being

weather, and time of day - apply the experience andprecise video editing enabled particularly by knowledge

rated as a leading invention by the Ministry of International

techniques they have accumulated over many years toand understanding ofTrade and Industry (now the Ministry of Economy, Trade andmaintain imaging quality. Working on the basis of 40 keirin jyo

the judging process.

Industry), it was used at events such as athletics at the Tokyo

around Japan, around 20,000 keirin races are held every year,

1964 Olympics. Film slit cameras required laborious film

and we photograph all of them. Continually producing thedevelopment after exposure, but through intensive productsame output is no ordinary achievement, and passing on that

improvement work to reduce the photo development time as

technology is also no mean feat. Thanks particularly tomuch as possible, Watanabe achieved development times of

the highly-professional attitude of each and every one of our

six to seven seconds. His painstaking efforts included creating

staff maintaining high quality standards, we have won anda new developing solution and developing film at a different

retained the trust of industry stakeholders for many years. Today

temperature to usual, all in the name of increasing speed.

and every day, our staff are working in the background, imaging

First-generation film slit camera from 1950

Current digital slit camera

10

A history of photo finishing
two million races over 60+ years

with responsibility to make this vast number of races possible.

Passion for fairness and accuracy

Passion for fairness and accuracy

A fixation on fair sports photofinish systems

Four Core Values

Four Core Values

The tires used in keirin are about two centimeters wide.
This tiny difference affects bets worth hundreds of millions of yen. It naturally also affects the riders’ prize winnings.
The difference between the purses for first and second place at the year-end Keirin Grand Prix (the biggest Japanese Keirin
Race) is around 80 million yen.
Large amounts hang on a mere two centimeters - and in some races, not even that. Victory can be decided by mere
millimeters, less than a tire width difference.
The phrase “won by a tire width” has far more significance for keirin riders than we can even imagine.
Because of these tiny margins, it is no exaggeration that kōei kyōgi would not be possible without absolute trust in
the photo finish system.
Ever faster, ever more accurate. The history of progress in photo finish systems is also the history of tenacious employeeswith a passion for fairness.

Inspection work on the 20-meter tall center pole

11

Four
Core
Values#02 Passion for sports entertainment

Atarundesu :Advanced sports betting

In leading cycling countries, rider training structures utilizing

Atarundesu (“strike it lucky”) is a product created using

an athlete development pathway system are now becominga system called accumulator betting which operates within

the standard. A growing number of élite riders experience

the scope of the law governing Auto Race motorcycle racing

offroad events such as mountain biking and BMX - which(the Auto Racing Act). It can be considered an advanced

require learning advanced biking skills to cope with

example of adeptly utilizing the features of kōei kyōgi law.

the unstable trail surfaces - at a young age and then transition

Specifically, the payout rates of the “Takarakuji” lottery or

to track or road disciplines. Buying into this global trend,“Sports Kuji” betting are limited by law to no more than 50%,

Wave pool business aiming forcommunity revitalization through sport

but the payout rates of kōei kyōgi are 70% or more, providing

we have been actively building pump tracks at keirin jyo around
Japan so that children can experience offroad biking fromA PIST6 race held under international rules

a clear advantage. Other features include guaranteed winners

a young age. In addition, we have worked to provide a platform

The TIPSTAR DOME CHIBA is an international-standard cycling

at a high probability (one person among 4,096) and evenfor learning basic cycling skills through BMX events via

arena featuring a wooden 250-meter track. It is a sports

people without knowledge of Auto Race being able to purchaseinitiatives such as building the BMX Freestyle Park at the Kyoto

entertainment facility emphasizing performances and art,

Atarundesu, leading to successfully building a regular customer

We are often asked by people both inside and outside

Mukomachi Keirin jyo and the BMX Racing Academy project atand revolutionizes the previous keirin image as a gamblingbase across a wide age range (20s to 40s). Purchasers havethe company why JPF is involved in surfing-related businesses.

the Hiroshima Keirin jyo. We are also broadening the scope ofvenue. Its core concept is for a broad cross-section of people

a low awareness that they are buying kōei kyōgi betting tickets,

Wave pools are leisure facilities which feature artificially-generated

our initiatives via the Japan Cycle Sports Promotion- such as sports fans, cycling fans, and keirin fans - to enjoy

helping to clear a psychological barrier to gaining new Autowaves for surfing, and are gaining attention worldwide as a new

Association, to which we provide funding. From 2020,

keirin as a sport, and aims to develop a wide range of cycle

Race fans. Atarundesu is also creating synergistic effects bytype of surf resort. As more and more attention is paid towith the aim of promoting mountain biking events, we havecompetitions, beginning with Japan’s home-grown discipline ofdeveloping a new customer base who will go to the stadium via

surfing in Japan as well - particularly after Japanese surfers

undertaken operation of an urban mountain biking competition

keirin. Another major feature of this project is building

people purchasing betting tickets as an entry point and thenwon medals at the Tokyo 2020 Olympics - there is surely no

at Chiba Park, the Eliminator and Cross-Country Short Circuit

operational systems so that our company could manage

gaining interest in Auto Race as a sport. The businessquestion this is a business with high future potential. However,Events National Championship. Furthermore, in 2021,

events on a fully in-house basis, including a new businessknowhow gained through Atarundesu - which has established

JPF is not only engaging in wave pool initiatives due to their

we began the Top Cyclist Academy project for leading riders

model of centralized betting systems and establishinga new form of Sports Kuji betting - is also the first step inbusiness potential. As we broaden our fields of operation fromfrom 9 to 14 years old. We are pursuing the many possibilities

a competition operation company for hosting keirin. Leading

creating the new forms of sports betting we are aiming for inrevitalizing keirin jyo to promoting cycle sports, we have been

in cycle competitions by creating programs - based onriders from Japan and overseas have been attracted to 250

the future, making it a valuable role model for the industry as

strengthening our connections with local communities, developing

an athlete development pathway - oriented toward developing

keirin, so as well as conveying the fun of racing to many

well. In addition, a portion of the revenue from Atarundesu isfacilities which are essential to local residents and businesses.

future Japanese representative riders.

people, we can also expect increased competitiveness fromcontributed to local government finances, assisting with

Our wave pool initiatives are an extension of that businessindividual riders through enabling greater racing experience.

promotion of the machine industry and improving social welfare,philosophy. They are not simply facilities for surfing; rather, theyIn the future, we will invite international riders to compete on

making Atarundesu also part of our company’s CSR activities.

are symbolic of JPF’s business development policy, in that theseChildren who aim to be future élite cyclists

12

New Keirin,
New Era begins

Wave pools: A novel type of resort which can be enjoyed by beginners throughto professionals.

the international-standard track and host globally-recognizedinitiatives ultimately lead to creation of new communities bycompetitions and races, thus also making use of the dome as

the presentation of a new beach culture contributing toa hub for the spread of cycle competitions. We will be hosting

community revitalization and promoting inward migration.

track academies principally for students in Chiba Prefecture

We have stolen a march on our competitors by making large

there, meaning that a further role of the TIPSTAR DOME CHIBA

advance investments in joint-venture businesses withis for creating programs leading from community sports

Wavegarden - a Spanish company which is a world leader infacilities to strengthening the national team. It represents

delivering a wide range of wave types and efficient operationa major step toward increasing the competitiveness of

systems - and securing exclusive negotiating rights forJapanese cycling as well as making cycle competitions major

the Japanese market. Beginning with cycle sports, we are

sports in Japan.

working to create a new sports culture in Japan, of which“Atarundesu” accumulator betting for Auto Race

Passion for sports entertainment

Passion for sports entertainment

Promoting a wide rangeof cycle sports

Four Core Values

Four Core Values

Keirin is said to be the most unpredictable and deeply fascinating of the kōei kyōgi.
On the other hand, it is a fact that the spotlight has been constantly shone on the gambling aspect of keirin, and as aconsequence its spectacle and fascination as a sport have not been sufficiently communicated. We are conducting a wide
range of initiatives to increase the popularity of cycling more broadly. These include exposing people to the diversity of cycle
sports, such as BMX, Road cycling, and keirin, which is incidentally one of a small number of Olympic sports originating inJapan. Through these encounters, we will create opportunities for people to experience the joy of watching (as a spectator)
and riding (participating in cycle competitions) cycling, with the overarching aim of building a deeply-rooted cycling culture
such as exists in Europe.

the large wave pools project is a flagship business.

13

Four
Core
Values#03 Passion for contributing to society

The possibilities in youth developmentthat cycle sports aim for
Bicycles have always been used by many people as a tool for

JPFagri: Initiatives for agriculture
supporting nutrition
Our efforts in partnership with Otaki Town are not limited totheir first independent travel at a young age. Moreover, they are

the SDGs Otaki Gakuen. We are working on the advanced

not only a means of transport, as even bicycles which are notutilization of agricultural land in the town, and - as well as

overly sporty can be at times used for competition and fun,preventing land from falling idle and into disrepair - promoting

always serving as a means to bring people together ever sinceyear-round initiatives relating to agricultural land, not just rice

childhood. The impact that cycle sports as an extension of

paddies. Established in the 2021 financial year, JPFagri’s

these activities have on young people is not only measured inprinciples are “learning from the vast nature of the Boso region

terms of increased physical capability or improved health, but

and growing together,” and has begun producing rice fromalso in fostering communication skills through engagement with

agricultural land in Otaki Town. Our “Tadakatsu Rice” - named

local residents as well as friends and coaches experiencing

after samurai general Honda Tadakatsu, who was one of

the same sport throughout the world. In addition, cycle sports which people can engage in regardless of gender, age,the Four Heavenly Kings of the Tokugawa and the lord of Otaki
A community-grounded SDGs hub utilizing the buildings of the former Fusamoto Elementary School

Castle - is for sale at roadside stations in Chiba Prefecture andStrider classes for kindergarten-age children held regularly at each keirin jyo

or disability - are believed to foster compassion for others and

The historical background to kōei kyōgi in Japan is of operationa generosity of spirit which recognizes a diversity of values. It is

Nestled in the mountains of south-eastern Chiba Prefecture,planned for provision at the Dome’s athlete dining room.

by local governments to generate valuable sources of financesaid that we humans develop around 80% of our adult

Otaki Town is known for its abundant greenery and historical

As well as the above activities, we are also beginning tofor post-war reconstruction. However, it is also undeniable thatneurological functions by the age of six years old, andheritage such as Otaki Castle. However, agriculture and forestry

experiment with natural cultivation methods which do not use

kōei kyōgi have faced many issues such as gambling addiction

therefore, we hold events which provide opportunities for riding- long the mainstays of the town’s economy - face many issues,pesticides or fertilizers.

as well as facilities operation and maintenance budgets

sports cycles to children of pre-school and elementary school

including a declining and aging workforce, lack of people to takeWe aim to create a sustainable business through methods

becoming squeezed. JPF does not stop with contributing toage. Through linkages with our related organization the JCSPA,

over the land, slumping commodity prices, and intensifying

such as diversification of agriculture into processing andlocal government finances through keirin sales turnover,

we regularly operate three schools with different target groupscompetition from imports. JPF has launched the SDGs Otaki

distribution and becoming a corporation qualified to

but - by reimagining keirin jyo as sports facilities open to

and content: the Basis BMX School, BMX Academy, andGakuen charitable foundation, which brings companies together

own cropland.

a broad cross-section of the local community - aims to makethe Top Cyclist Academy. We aim to support the sound mental

as a “corporate community center,” a platform for collaboration

them hubs for the spread of cycling culture. Anyone who isand physical growth of young people through cycle sports.

and sharing information. It does not aim to earn profit as

the “Marché” store at TIPSTAR DOME CHIBA, as well asinterested in cycling and track events can participate in cyclea standalone business, but instead promotes sustainableclubs operated by JPF. Our staff - including current and past

initiatives with a view to the entire related social and lifestylekeirin riders - provide patient guidance and support to riders

environment. Its fields of activity are widespread, fromfrom those beginning as a hobby to those aiming to turn

agriculture and forestry to energy and developing infrastructure

professional. Utilizing the banking of the keirin jyo - which

for sports. Here, local governments, residents, and companies

enables safely riding and racing at speed - we aim to increasejoin together to engage in community-originating participatory

the number of people participating in cycle competitions, which

SDGs initiatives. New concepts unbounded by traditional

will in turn cultivate the cycle competition fan base. Doing sobusiness frameworks include building cycling roads throughwill provide many benefits from spreading cycling travel safety

forested mountains, which provide an environment for sports

awareness to improving cycling culture. We also regularly holdwhile also preserving forest resources. Such ideas entail local

a wide range of events, such as kick bike races, cycle clubs,

people building attractive localities and lifestyle spaces by theirand classes for kids learning to ride without training wheels,own hands, by doing so creating employment locally,

which help people of all ages make bicycles a familiar part ofencouraging inward migration, and bringing energy back totheir lives.

the area. The challenge which JPF and Otaki Town council have
Guidance is available from professional cycle sports athletes and coaches

14

The SDGs Otaki Communication Center:
An experiment in connecting sports andcommunities

Passion for contributing to society

Passion for contributing to society

Opening Keirin venues and Auto Racestadiums to the local community

Four Core Values

Four Core Values

Kōei kyōgi - the starting point of our business - was a national project launched with the aim of rebuilding local economies
after the war.
The history of our company - which has played a part in the growth of kōei kyōgi - can certainly be called a history ofmoving forward together with local communities.
The profit earned has supported the foundations of local government finances and provided expansive green spaces which
enrich the lives of local residents. How we can utilize keirin jyo to make a social contribution for the benefit of local
communities is a point we have continued to think seriously about, a perspective which we believe is nurtured by our
history together with local communities.
JPF’s hope is that keirin jyo will continue to be an essential presence for local communities.

Branded rice harvested in Otaki Town

embraced has only just begun.

15

Four
Core
Values#04 Passion for employee growth

Working as a rider-employee:
Kisato Nakamura

Making the most of a career
as a keirin rider: Kenichi Yamano

We hold a wide range of training to encourage the growth of

I was inspired to utilize my experience by joining JPF after

our employees. Our skill programs are tailored to thethe company began comprehensive management ofexperience level of employees, including new induction training,

the Toyama Keirin jyo in 2010. My current role involves

mid-level employee training, and leadership group training.

coordinating the four core keirin jobs at the TIPSTAR DOME

In addition, we work with the Minami-Alps Mountain Bike ClubCHIBA (commissaire, programming, bike inspection, and rider- who are engaged in improving mountainous areas - for staff

management), engaging with the riders and other various

to actually ride mountain bikes in the hills, experience creating

stakeholders as an official. Understanding the attitudes ofcourses, and learn about the Club’s activities (such as building

the riders and stakeholder organizations is not always easy,

relationships of trust with the local community, developing trails

but I make the most of my experience as a former rider andon behalf of local governments, and riding initiatives). This

current management team member. Unlike while I was a rider

training resonates with our social mission of bringing energy to

Taking a global perspective by holding
dual roles with the Japan Cycling
Federation (JCF): Mami Saito

Adaptability to different environments is a strength of mine

Ms. Kisato Nakamura, a Tokyo Olympian- when I just had to think about my own performance - I now
have to pay attention to and think about what is happening

I joined JPF after graduating from university, and for two years I

In addition, we hold regular agricultural training, which - by

When I joined JPF, I was aiming to make the Tokyo 2020

around me, and - looking more broadly at the keirin industry aslearned comprehensive venue management at the Sanyō Autoengaging in primary industries such as agriculture and forestry -Olympics, but at the time I was a long way off the level needed.

a whole - think about what would benefit the company.

Race stadium. Since 2018, I have been seconded to the Japanaims to deepen understanding of nutrition and nature as wellThat’s when the challenge of JPF and myself began. As I wasThis change in perspective has contributed significantly to my

Cycling Federation (JCF), which supervises cycle competitions in

as increase employees’ life experience through activities far

working at the Chiba Keirin jyo, I was naturally able to train on

personal growth. To new employees coming on board andJapan, carrying out management work at a domestic competition

removed from regular work. Past successes include helping

the track, but also borrow the weight training and stationary

current (especially young) staff at JPF: if you receive

organization. When I began my secondment, to be honest I didn’t

plum farmers for several weeks during the harvesting season tobike equipment that the keirin jyo’s resident riders use. Cycle

an opportunity, embrace the challenge without fear of failure.

really understand what the aims of the JPF promoting cycle

experience picking, sorting, and dispatch work. As our Group

sports require specialized equipment, so that was a huge help

That’s what you will learn the most from, and JPF is a company

competitions were. However, I’ve had the chance to be involved

companies have begun agriculture-related businesses, we planfor me. Sometimes I watched the other riders train, which waswhich provides many opportunities to take on a challenge.

with a range of cycling disciplines including track events throughto further broaden the scope of agricultural training inalso a big encouragement for me. Above all, the messages of

I want people to put their hands up and take the initiative in

my work at the JCF, and become aware of the relationship withthe future. In the above ways, we do not only conduct

support I received before the Olympics from everyone attrying something new. To our experienced staff, please support

the initiatives JPF is taking. The greatest learning for me wastraditional classroom-based skill training, but provide rich

the Chiba Office, the Chiba Keirin jyo, and in fact all our offices

our young employees so they can take the lead. I am one ofrealizing that activities such as cycle clubs, kids’ BMX schools,

training programs across a range of fields.

around Japan provided a huge boost to me. As the Olympics

those veteran team members, and I will follow up on my words

and holding track MTB event competitions - born fromapproached, the company created a base of operations for me

so our young staff can perform on the leading edge.

the utilization of keirin jyo as community sports facilities - arecommunities through kōei kyōgi and the spread of cycle sports.

at Izu, where the Games events were held. Telling me to “justimportant activities supporting the peak of the so-called pyramid,

focus on the Olympics and do your best,” their support helped

which is formed by rider development and holding national

me to intensify my focus. Many employees also came to Izu tochampionships that the JCF is in charge of. Being my first

support me on the day of my event. In the future, I want toengagement in cycle competitions there were many confusing

make Chiba - centered on the TIPSTAR DOME CHIBA -aspects and work I was unsure about, but I am grateful fora second hub after Izu for high-performance cycling in Japan.

the approach of JPF, which emphasizes the growth not only of

In terms of broadening the popularity of cycle sports, I believe

the company but of each individual employee. Utilizing mythat the new PIST6 is the key to growing the number of keirinstrengths in the English language and adapting to different

and cycle competition fans. Through my current work inenvironments, in the end I was able to experience the Tokyo

commentating and PR, I want to connect people to keirin andOlympics - the ultimate sporting environment - as the track sports

cycle sports.

Japanese national team manager. I keenly felt how great it is to -Passion for employee growthPassion for employee growth

Training programs richin variety

Four Core Values

Four Core Values

Many of JPF’s businesses are completely novel initiatives. If the future is merely an extension of the past, the probability ofsuccess or failure can be predicted - but in an unknown field of business, everyone is searching in the dark. At JPF, wetreasure the spirit of new frontiers above all; in an unknown field, if you have time to stop and agonize about something,then just try and see how it goes - take that first step into a new world for us. We provide everyone here - even new
employees - with significant authority and responsibility, encouraging them to resolutely embrace the challenges ahead.
Ultimately, the company will always take responsibility for whatever happens. Our trust in our employees and the bolddecisions they take have driven many of our new businesses and the company as a whole, making these valued traditions
for JPF.

working within limited resources - make the most of your
Employees constructing forest paths as part of their training

16

Making the most of his experience as a former keirin rider to carve out a new career

knowledge to build a successful project.

17

LatestIndustryNews

Need to know: The surprising relationship between
the COVID-19 pandemic and cycling

2020 and 2021 were tumultuous years due to the COVID-19

In fact, looking at the most recent “White Paper on Leisure,”

The COVID-19 pandemic has completely changed our behavior

However, we cannot simply watch and enjoy this worldwide

pandemic. Industries such as hospitality and leisure suffered

the keirin engagement base grew from 1.1 million people inpatterns. One of those changes is avoiding the “three Cs” ofcycling boom. More and more people taking up cycling leads

major adverse effects, and pachinko parlors closed one after

2019 to 1.9 million people in 2020, an increase of as much as

infectious disease transmission: closed spaces, crowds, andto concerns about cycle-related accidents also increasing.

the other. But what about the keirin market?

800,000 people. The introduction of the internet betting systemclose contacts. In order to avoid the three Cs, working fromAccording to a survey by the Tokyo Metropolitan Police

You might imagine that - as people could not go to the venues

in response to the broad uptake of smartphones may have byhome as well as refraining from going outside for nonessential

Department*, in 2021 there were 13,332 bicycle accidents in(such as keirin jyo and betting ticket sales centers) when being

chance had a synergistic effect with the need to stay at home,and non-urgent purposes have increased.

Japan, an increase of 1,889 compared to the previous year.

asked to refrain from going outside - sales turnover would havecreating a buoyancy rarely seen in recent years.

Amid these trends, cycling has boomed. Bicycles are not only

In Japan, a cyclist who collides with a pedestrian may beplunged. In fact, not only was the keirin market not adversely

Another reason for buoyancy in the keirin market may bea means of transport, but are also useful ways of commuting

subject to a large claim for damages. In 2008, a tragic accident

affected, but sales turnover significantly increased. In recent

the change in the times of day that races are held. Keirin races

while avoiding the three Cs as well as making up for lost

occurred in which a bicycle ridden by an elementary-school

years, total sales turnover in the keirin market has increased

are divided into four categories depending on the time of day:

exercise due to refraining from going outside. Reasons such as

student collided with an elderly person, causing the latter tothanks to the higher number of races being held. But even

Races held from 9AM to around 2.30PM are called “morning

the above have caused a worldwide cycling boom,

suffer severe aftereffects. In court, the minor’s mother - whothough total sales turnover grew slightly, sales turnover per race

races,” 10.30AM to around 5PM are “regular races,” 3.30PM toto the extent that supply has at times been unable to keep up

was deemed to be the injuring party - was ordered to pay 95

had continued to follow a decreasing trend. However, despite

8.30PM are “night races,” and 8.30PM to 11.30PM are “midnightwith the sudden increase in demand.

million yen in damages.

the number of races held in 2020 decreasing approximately 6%

races,” the last of which are held without spectators. Regular

A country where the cycling boom has accelerated particularly

Because bicycles are so easy to ride, we tend to forget that

due to COVID-19, total sales turnover increased byraces account for nearly half of all keirin races, but in recent

quickly is France. The home of the Tour de France has madethey are classified as light vehicles under the Japanese Road

approximately 13% compared to the previous year.In 2021,

years, the sales turnover per race has continued to decrease. In

promoting the use of bicycles a national-level priority. For

Traffic Act, so riders have an obligation to adhere to the Act.

influenced by the number of races being back to those of

response, the number of regular races has been decreased, with

example, a subsidy system has been introduced covering

However, unlike automobiles, there is no licensing system fora regular year, total sales turnover increased by approximately

more morning, night, and midnight races held instead. These- when satisfying certain criteria - costs related to purchasing

bicycles, making it possible to ride one without learning about

14% compared to the previous year, a similar buoyancy to 2020.

measures resulted in improved sales turnover per race, and likely

a bicycle, and plans are being advanced in each region to build

the Road Traffic Act or riding etiquette. This is why accidents or

The previous few years, sales turnover in the keirin market had

contributed to the buoyancy in the keirin market. In fact, evenlong-distance cycle paths covering 100 km or more.

violations of etiquette by cyclists sometimes become a social

been increasing slightly by 1% to a few percent annually,

though the number of morning, night, and midnight races held

The demand for bicycles is also growing in Japan.

issue. Precisely because bicycles are so accessible to anyone,so the last two years could be called an unusual situation.

has increased, sales turnover per race has also increased. It may

The astounding growth in cycle sales is evident in, for example,

is it not essential to have the opportunity to learn cycling

But why - when people could not come to a place like a keirin

be the case that, due to race times being broadly later in the day,the February 2021 financial accounts of major cycle retailer

etiquette and transport safety rules?

jyo where they would be in close proximity - had sales increased

people who cannot watch keirin broadcasts during the daytime

ASAHI CO.,LTD., which showed a 16.0% increase in sales andAs well as adhering to rules and etiquette, it is also important toso much?

on weekdays can now watch them after work. These measures

a 71.3% increase in operating profit compared to the sameacquire basic bike riding skills. Learning bike skills helps riders

One factor contributing to the significant increase in sales

relating to race times likely created a synergistic effect with themonth the previous year. In addition, the June 2021 interim

to both avoid causing accidents and protect themselves fromturnover was likely the increased keirin engagement baseinternet betting system mentioned above, further contributing toconsolidated accounts of major cycling components

accidents happening to them. In particular, children learning(number of people who watch and enjoy keirin) thanks tothe buoyancy in the keirin market. However, there is also

manufacturer SHIMANO INC. showed a 65.2% increase inriding techniques at the ages when their motor skills are still

the broader take-up of internet betting. Total sales of betting

the viewpoint that the rapid increase in sales turnover has beensales and a 79.5% increase in final profit compared todeveloping significantly reduces the risk of cycle accidents.

tickets in keirin jyo and off-track decreased in 2020 bydriven by the same users winning on one race and staking their

the same month the previous year. Such figures provide insightOnce we have created an environment in which people canapproximately 27% compared to the previous year, andwinnings on the next race, repeating this pattern from morning

into just how buoyant the bicycle market is.

enjoy cycling in safety and security and the cycling population

decreased again by around 4% in 2021. By contrast, sales ofuntil late at night; in other words, that the number of new users

The uptake of cycling is also closely linked to greater

is increasing - in both the senses of a means of transport andbetting tickets online increased in 2020 by approximately 46%

has not increased much.

environmental and health awareness. The benefits of cycling,

cycle sports - then Japan would likely be accepted as a greatcompared to the previous year, and increased by around a

In any case, it is important to go back to basics,

including not using energy resources, creating no emissions,

cycling country for the first time.

further 22% in 2021. This significant increase in internet betting

communicating the attractions of keirin both purely as a sportand providing exercise, are likely to lead demand to continue

may have driven an increase in the keirin engagement base andand for sports betting, continuing initiatives to uncover new

increasing in the future.

therefore led to higher sales turnover in the keirin market.

users and prevent existing users drifting away.

*Tokyo Metropolitan Police Department, “Trends in Bicycle Accidents (in 2021)”
https://www.keishicho.metro.tokyo.lg.jp/about_mpd/jokyo_tokei/tokei_jokyo/
bicycle.files/001_03.pdf(Date of most recent access: 15 March 2022)

Rental cycles freely available to anyone, which are increasingly popular in European cities

Cycle safety classes for children held regularly at each keirin jyo

Need to know: The surprising relationshipbetween the COVID-19 pandemic and cycling

Need to know: The surprising relationshipbetween the COVID-19 pandemic and cycling“Can’t simply watch and enjoy it”: The global cycling boom and the necessity ofcycling education

Latest Industry News

Latest Industry NewsThe pandemic buoyed the keirin market!?

Trends in keirin engagement base and betting ticket sales amounts(10,000 people)(100 million yen)
9,000

200

8,000

180
160

7,000

140

6,000

120

5,000

100

4,000

80
2016

2017

2018

Keirin engagement base

2019

2020

2021

Betting ticket sales amounts

Reference materials: Japan Productivity Center, 2021 survey report on Leisure, “State of leisure time and industry/market trends”
Source: JPF estimated values

18

Midnight keirin, whose popularity is increasing further due to the COVID-19 pandemic

19

Corporate
Information

Corporate overview, history and network

Corporate overview
Trading name

: JPF Co., Ltd.

Capital: 30 million yen

Network<Hokkaidō Kōei Kyōgi Venues>
Hokkaidō

Number of employees : 766 (as at December 2021)
Established: 1951<Tōhoku Region Kōei Kyōgi Venues>
Aomori Prefecture
Fukushima Prefecture

History
1939<Kantō Region Kōei Kyōgi Venues><Hokuriku Region Kōei Kyōgi Venues>

Company founder Shunpei Watanabe was involved in research on photo finish technology as the head of the photography
subcommittee of the scientific facilities working group of the organizing committee for the Tokyo 1940 Olympics (which were
ultimately canceled due to the outbreak of World War II).

Tokyo Metropolis

Niigata Prefecture

Kanagawa Prefecture

Toyama Prefecture

Saitama Prefecture

Fukui Prefecture

Chiba Prefecture

1949

Japan Sports Photo Finish Association founded. Photo finish work begins at Kawasaki Keirin jyo (classical Keirin velodrome).

1950

Photo finish slit camera invented. Approved as a “leading invention” by the Ministry of International Trade and Industry (nowthe Ministry of Economy, Trade and Industry).

1951

Company reorganized into Japan Photofini Corporation. Subcontracting of photo finish work begins at Utsunomiya Keirin jyo.

1957

Company name changed to Japan Photo Finish Corporation. (from Japan Photofini Corporation)

1964

In charge of photo finish work for the athletics, cycling, and rowing events at the Tokyo 1964 Olympics.

1968

At the Tokyo Metropolitan Government Leading Inventions Exhibition, “Racing Finishing Order Determination Device” receives
the Director-General’s Award from the Science and Technology Agency.

1992

Electronic slit cameras developed by JPF used at the Barcelona 1992 Olympics.
In charge of photo finish work for the athletics, cycling, rowing, and canoe events.

2008

JPFagri Corporation established.

2009

JPF Innovations Corporation established.

2010

Total management work at the Toyama Keirin jyo begins.

Chūbu Office/Nagoya Office2013

Total management work at the Chiba Keirin jyo begins. 2010 Total management work at the Matsusaka Keirin jyo begins.

Kawagoe off-track betting ticket sales office2014

Total management work at the Funabashi Auto Race stadium begins. (Funabashi Auto Race stadium closed in 2016.)
Total management work at the Sanyō Auto Race stadium begins.

Matsusaka Office2015

Total management work at the Hiroshima Keirin jyo begins. Accredited as a Tokyo Sports Promotion Company by
the Governor of Tokyo.

2017

President Shuntaro Watanabe appointed Managing Director of the JCF. Total management work at the Kyoto Mukomachi
Keirin jyo begins.
Atarundesu Corporation established.

2018

President Shuntaro Watanabe appointed Chair of the Japan Cycle Sports Promotion Association.

2021

Company name changed to JPF Co., Ltd. (from Japan Photo Finish Corporation). Total management work at the Nagoya
Keirin jyo begins.
PIST6 Corporation established.

Ibaraki Prefecture
Tochigi Prefecture<Chūgoku Region Kōei Kyōgi Venues>

Gunma Prefecture

Okayama Prefecture
Toyama Office/JPF Innovations Corporation

Hiroshima Prefecture
Yamaguchi Prefecture

JPF Head Office/East
Japan Office/Atarundesu Corporation

Kyōto Office
Chiba Office
JPFagri Corporation

Sanyō Office<Tōkai Region Kōei Kyōgi Venues>
Shizuoka Prefecture

Kyūshū Office/Satellite Nakasu

West Japan Office

Aichi Prefecture
Gifu Prefecture
Mie Prefecture<Kyūshū Region Kōei Kyōgi Venues>
Fukuoka Prefecture
Saga Prefecture
Nagasaki Prefecture
Kumamoto PrefectureŌita Prefecture<Shikoku Region Kōei Kyōgi Venues><Kinki Region Kōei Kyōgi Venues>

Tokushima Prefecture

Osaka Prefecture

Kagawa Prefecture

Kyōto Prefecture

Ehime Prefecture

Nara Prefecture

Kōchi Prefecture

Wakayama Prefecture
KeirinHorse racing
Boat Race
Auto Race

20

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