Chapter 447 finishes Nagato's sorrowful backstory and returns the choice to Naruto. Instead of meeting cruelty with another death, Naruto resolves to let his enemy live, treating that mercy as his opening step toward the peace Jiraiya once envisioned.
Nagato recalls how Hanzo, following the death of the peace movement's supposed leader Yahiko, set out to destroy both Nagato and Konan. Guarding Konan, Nagato reached for the Outer Path's Demonic Statue and fused himself with it, then butchered Hanzo's soldiers and turned on Hanzo, who slipped away. Breaking his bonds with the Hidden Rain, Nagato adopted the name Pain and started down a road toward peace enforced through ruling the world.
His story told, Nagato challenges Naruto to name what he might have chosen instead. Naruto answers that he grasps the reasoning fully yet still cannot bring himself to accept it. Embracing the ideals Jiraiya once held, he decides that sparing Nagato's life will be his very first stride toward genuine peace.

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Chapter 447 finishes Nagato's tragic backstory and shows Naruto choosing to spare his life instead of killing him, treating that mercy as the first step toward the peace Jiraiya once dreamed of.
After Hanzo killed Yahiko and turned on him and Konan, Nagato fused with the Outer Path's Demonic Statue, destroyed Hanzo's soldiers, broke from the Hidden Rain, and took on the identity of Pain to pursue peace through ruling the world.
Naruto tells Nagato he understands his reasoning but still cannot accept it, and chooses instead to let him live, embracing Jiraiya's belief in peace as his first real step toward it.
Viz Media published Naruto chapter 447 under the English title "I Believe."
"Believing" is chapter 447, collected in volume 48, and takes place during the Pain's Assault arc.
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