I believe that's what it was used for. It stands for Japan Racing Asscociation - Personal Access Terminal. I have one of the NTT Modems for the SFC lying around somewhere.
The Dataship 1200 is probably exactly the same as the earlier FC Network System, just 1200 baud, while the earlier one was likely 300/600 baud. The cards looked more like PCMCIA cards, if I remember what the connector looked like.