In Saitama I saw an old guy on a pedal bike (not a train) who did this the other day!
In fact, I made a note specifically to ask a Nihon friend just what the hell he was doing (so I'll just ask HN instead)...
I understand stopping at an intersection and looking both ways. But making a specific pointing gesture and verbally calling out while doing it I thought was just a bit odd. Particularly cause he was the only person at this quiet little 4 way (no lights) stop. Sounded like he said "hayougush... hayougush".
Retired train conductor?