Since the 2010s, the Japan Innovation Party (Nippon Ishin no Kai) has emerged as the third force in Japanese politics. It has been especially dominant in Osaka. I extract two features of it from existent studies, namely populism and regionalism. This article focuses on the regionalist features. This party’s trick is to appeal to Osaka’s pride, which is epitomized by the reform of local governments and Expo 2025 there. Unless this party finds attractive policies after the euphoria about Expo 2025, it may lose momentum. This expo may become a watershed for the party.