Hakone was one of the stations of the Tōkaidō, the famous route connecting Edo (Tokyo) and Kyoto. It was used by the Daimyō who made the long trek from their domain to Tokyo. To commemorate this part of the city's history, Hakone hosts a Daimyō procession every year, with about 170 person dressed in historic costumes. The procession also include the US Army and local marching bands as well as a musket demonstration. As the parade is relatively small, you might want to consider this as one stop in your trip to Hakone and spend to rest of the day at Lake Ashi, Hakone chekpoint, Owakudani or relaxing at one of the onsens.
It s next to Hakone-Yumoto Station on the Odakyu Hakonetozan Line that runs from Shinjuku. The Hakone Free Pass can be used as it includes the round trip from Shinjuku as well as unlimited access to the train, bus, cable car, ropeway and cruise boat in Hakone.