2027 Maglev bullet train carriage unveiled
Mainichi News | Nov. 22, 2012 -- A carriage of the Maglev bullet train series planned to run between Tokyo and Nagoya from 2027 was unveiled at a test line...The train will be capable of a maximum speed of 500 kilometers per hour...
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According to the following NHK News video report (in Japanese), by traveling at 500 kmh (310 mph) the new maglev will be able to go from Tokyo to Nagoya in 40 minutes (as if anybody in Tokyo would want to go to tacky Nagoya

Japan Rail came up a real
For reference, the Shinkansen takes between 100-110 minutes to travel the 342 km (212.5 miles) distance from Tokyo to Nagoya.
More info at:
http://en.wikipedia.org/wiki/Shinkansen#Maglev