---
title: 31.02 SMBC Industry Trends
tags:
  - finbiz
  - smbc
draft: false
created: "2024-03-18T19:14:18+09:00"
updated: "2025-10-18T12:52:00+09:00"
---

# 31.02 SMBC Industry Trends

Sumitomo Mitsui Banking Corporation (SMBC) curates several categories of [industry intelligence](https://www.smbc.co.jp/hojin/report/) for corporate clients. The source pages are written in Japanese; the highlights below summarise the latest publications and link to the original PDFs.

## Narrative summary

- **Election cycles frame global risk.** Flagship reports from 2022 onward track U.S. midterms, the 2024 presidential race, and potential second Trump administration tariffs—useful context for currency hedging and manufacturing footprint reviews.
- **Climate policy remains a constant spine.** Monthly Reviews and industry decks frequently revisit EU Green Deal updates, carbon border adjustments, and CCUS adoption, complementing Mizuho’s decarbonisation coverage in [[31.01 Mizuho Industry Research]].
- **Asia sections inform ASEAN playbooks.** The Asia Topics column surfaces demographic shifts, supply-chain tariffs, and SAF policy adoption—feed these insights into [[32.03 Research Episode — Japan's Competitive Reset]].

- **産業調査レポート (Industry Research Reports)** – Deep dives into global macro and industry themes that affect corporate strategy.
- **グローバル経済と主要産業の動向 (Global Economic and Major Industry Trends)** – Quarterly to semiannual macro + sector overviews that cover 23 industries.
- **マンスリー・レビュー (Monthly Review)** – Monthly macro, social, and Asia-focused briefings. The site publishes both a full topics issue and occasional industry-topic one-pagers.
- **業種別レポート (Industry-specific landing pages)** – Backgrounders on each of the 23 tracked sectors.

> [!info] Dashboard maths
>
> - Segment filters mirror set notation like $A \cap B$ when we isolate industry + geography slices, so double-check definitions against [21.08 Mathematical Formulas II](../../Language%20Lab/21%20Japanese/21.08%20Mathematical%20Formulas%20II.md).
> - Scenario pivots often call for conditional reasoning expressed as $P(B \mid A)$; keep the terminology synced with the probability entries in the same note.

The sections below compile the SMBC releases available between January 2022 and October 2025 so the note shows an unbroken view from the current cycle back through the recent archive.

## Latest industry research reports

### 2025

- **2025/01** – [Policy Direction of the New Trump Administration and Expected Industry Impacts](https://www.smbc.co.jp/hojin/report/investigationlecture/resources/pdf/3_00_CRSDReport146.pdf)

### 2024

- **2024/12** – [2024 Review and 2025 Industry Outlook](https://www.smbc.co.jp/hojin/report/investigationlecture/resources/pdf/3_00_CRSDReport144.pdf)
- **2024/11** – [Industry Implications of Former President Trump's Re-election (as of 7 Nov)](https://www.smbc.co.jp/hojin/report/investigationlecture/resources/pdf/3_00_CRSDReport143.pdf)
- **2024/02** – [Outlook for the 2024 U.S. Presidential Election and Anticipated Industry Impacts](https://www.smbc.co.jp/hojin/report/investigationlecture/resources/pdf/3_00_CRSDReport142.pdf)

### 2023

- **2023/12** – [COP28: Oil-Producing Nations vs. Advanced Economies on Phasing Out Fossil Fuels](https://www.smbc.co.jp/hojin/report/investigationlecture/resources/pdf/3_00_CRSDReport140.pdf)
- **2023/12** – [2023 Review and 2024 Industry Outlook](https://www.smbc.co.jp/hojin/report/investigationlecture/resources/pdf/3_00_CRSDReport141.pdf)
- **2023/11** – [EU Emissions Trading System Revision and Carbon Border Adjustment Mechanism Introduction](https://www.smbc.co.jp/hojin/report/investigationlecture/resources/pdf/3_00_CRSDReport138.pdf)
- **2023/07** – [Global Industry and Performance Trends (June 2023)](https://www.smbc.co.jp/hojin/report/investigationlecture/resources/pdf/3_00_CRSDReport137.pdf)
- **2023/06** – [EU Green Deal Industrial Plan: U.S. Countermeasures and Industrial Competitiveness](https://www.smbc.co.jp/hojin/report/investigationlecture/resources/pdf/3_00_CRSDReport136.pdf)
- **2023/04** – [Global Industry and Performance Trends (April 2023)](https://www.smbc.co.jp/hojin/report/investigationlecture/resources/pdf/3_00_CRSDReport135.pdf)
- **2023/01** – [CCUS Trends in the Americas](https://www.smbc.co.jp/hojin/report/investigationlecture/resources/pdf/3_00_CRSDReport134.pdf)

### 2022

- **2022/12** – [Global Industry and Performance Trends (December 2022 update)](https://www.smbc.co.jp/hojin/report/investigationlecture/resources/pdf/3_00_CRSDReport133.pdf)
- **2022/11** – [U.S. Retail Industry Trends: Holiday Season Outlook](https://www.smbc.co.jp/hojin/report/investigationlecture/resources/pdf/3_00_CRSDReport132.pdf)
- **2022/11** – [2022 U.S. Midterm Election Results and their Economic & Industrial Impact](https://www.smbc.co.jp/hojin/report/investigationlecture/resources/pdf/3_00_CRSDReport131.pdf)
- **2022/11** – [COP27 Sharm el-Sheikh Implementation Plan and What Comes Next](https://www.smbc.co.jp/hojin/report/investigationlecture/resources/pdf/3_00_CRSDReport130.pdf)
- **2022/10** – [Inflation Reduction Act Overview and Midterm Election Outlook: Reinforcing U.S. Climate Policy](https://www.smbc.co.jp/hojin/report/investigationlecture/resources/pdf/3_00_CRSDReport129.pdf)
- **2022/10** – [Global Industry and Performance Trends (September 2022 update)](https://www.smbc.co.jp/hojin/report/investigationlecture/resources/pdf/3_00_CRSDReport127.pdf)
- **2022/09** – [UK Conservative Leadership Race Outcome and Sector Implications](https://www.smbc.co.jp/hojin/report/investigationlecture/resources/pdf/3_00_CRSDReport126.pdf)
- **2022/07** – [Global Industry and Performance Trends (June 2022 update)](https://www.smbc.co.jp/hojin/report/investigationlecture/resources/pdf/3_00_CRSDReport125.pdf)
- **2022/05** – [Biden Administration Supply Chain Reinforcement Measures and Economic Security Strategy](https://www.smbc.co.jp/hojin/report/investigationlecture/resources/pdf/3_00_CRSDReport128.pdf)
- **2022/05** – [Domestic Sustainable Aviation Fuel (SAF) Initiatives and Business Opportunities](https://www.smbc.co.jp/hojin/report/investigationlecture/resources/pdf/3_00_CRSDReport124.pdf)
- **2022/02** – [EU Taxonomy Update: Treatment of Nuclear and Gas-Fired Power](https://www.smbc.co.jp/hojin/report/investigationlecture/resources/pdf/3_00_CRSDReport123.pdf)

<small>Back numbers and earlier publications remain available via the [SMBC archive](https://www.smbc.co.jp/hojin/report/investigationlecture/).</small>

## Global economic and major industry outlook

- **2025/09** – [Global Economic and Major Industry Trends (September 2025 update)](https://www.smbc.co.jp/hojin/report/resources/pdf/1_00_CRSDOutlook.pdf?version=251014)
- **2024/01** – [Global Economic and Major Industry Trends (January 2024 update)](https://www.smbc.co.jp/hojin/report/resources/pdf/1_00_CRSDOutlook.pdf?version=240208)

## Monthly Reviews

### Full topics edition

#### 2025

- **2025/10/07** – [Monthly Review (October 2025)](https://www.smbc.co.jp/hojin/report/monthlyreview/resources/pdf/4_00_MR2510.pdf)
  - **Perspective** – Balancing medical fee hikes with overall cost containment.
  - **Economic Topics** – Housing starts risk a delayed recovery.
  - **Social Topics** – Why Japan is revisiting the duty-free shop regime for foreign visitors.
  - **Asia Topics** – Semiconductor tariffs viewed through global supply chains.
- **2025/09/09** – [Monthly Review (September 2025)](https://www.smbc.co.jp/hojin/report/monthlyreview/resources/pdf/4_00_MR2509.pdf)
  - **Perspective** – Structural shifts the proposed “Trump tariffs” could trigger in the world economy.
  - **Economic Topics** – How higher administered prices could ripple through Japan’s economy.
  - **Social Topics** – Responding to the Trump administration’s climate policy agenda.
  - **Asia Topics** – Accelerating population ageing across Southeast Asia.
- **2025/08/05** – [Monthly Review (August 2025)](https://www.smbc.co.jp/hojin/report/monthlyreview/resources/pdf/4_00_MR2508.pdf)
  - **Perspective** – Adjusting supply-chain reconfiguration under renewed Trump policies.
  - **Economic Topics 1** – Japan’s economy slowing under Trump tariffs.
  - **Economic Topics 2** – Seizing the rebound in Chinese visitors to boost the Kansai tourism corridor.
  - **Social Topics** – Helping local governments accelerate and normalize AI adoption.
- **2025/07/08** – [Monthly Review (July 2025)](https://www.smbc.co.jp/hojin/report/monthlyreview/resources/pdf/4_00_MR2507.pdf)
  - **Perspective** – Angles for assessing the consumption tax cut debate.
  - **Economic Topics** – Oil markets buffeted by Trump policies.
  - **Social Topics** – Supporting families after children enter primary school.
  - **Asia Topics** – Evaluating China’s consumption-boosting measures.
- **2025/06/10** – [Monthly Review (June 2025)](https://www.smbc.co.jp/hojin/report/monthlyreview/resources/pdf/4_00_MR2506.pdf)
  - **Perspective** – Osaka’s growing dominance across the Kansai region.
  - **Economic Topics** – Food price inflation weighing on household spending.
  - **Financial Topics** – Protecting seniors’ financial assets amid cognitive decline.
  - **Asia Topics** – China’s willingness to tolerate a weaker renminbi and the risks it brings.
- **2025/05/13** – [Monthly Review (May 2025)](https://www.smbc.co.jp/hojin/report/monthlyreview/resources/pdf/4_00_MR2505.pdf)
  - **Perspective** – Community-led transitions as the foundation for net-zero progress.
  - **Economic Topics** – Tackling the protracted slump in personal consumption.
  - **Social Topics** – Weighing the cost-benefit of the Osaka–Kansai Expo.
  - **Asia Topics** – Outlook for India’s and Indonesia’s auto markets.
- **2025/04/09** – [Monthly Review (April 2025)](https://www.smbc.co.jp/hojin/report/monthlyreview/resources/pdf/4_00_MR2504.pdf)
  - **Perspective** – China’s new bargaining chip with the U.S.: critical-mineral export controls.
  - **Economic Topics** – Digitalization propelling U.S. economic growth.
  - **Social Topics** – Growth prospects and hurdles for Japan’s content industry.
  - **Asia Topics** – Tighter global rules for China-linked cross-border e-commerce.
- **2025/03/10** – [Monthly Review (March 2025)](https://www.smbc.co.jp/hojin/report/monthlyreview/resources/pdf/4_00_MR2503.pdf)
  - **Perspective** – Taking stock of “Trump 2.0.”
  - **Economic Topics** – Software investment accelerating to tackle labor shortages.
  - **Social Topics** – More municipalities rolling out lodging taxes.
  - **Asia Topics** – Shifting production from China to Vietnam: opportunities and risks.
- **2025/02/07** – [Monthly Review (February 2025)](https://www.smbc.co.jp/hojin/report/monthlyreview/resources/pdf/4_00_MR2502.pdf)
  - **Perspective** – Accelerating Japan’s deep-tech startups.
  - **Economic Topics 1** – What raising the ¥1.03 million earnings threshold means for labor supply.
  - **Economic Topics 2** – Kansai’s economy continues a gradual recovery.
  - **Social Topics** – New developments in addressing Japan’s vacant-home problem.
- **2025/01/09** – [Monthly Review (January 2025)](https://www.smbc.co.jp/hojin/report/monthlyreview/resources/pdf/4_00_MR2501.pdf)
  - **Perspective** – Locking in a virtuous economic cycle.
  - **Economic Topics 1** – Japan’s economy is edging toward a modest recovery.
  - **Economic Topics 2** – The U.S. economy’s instability under a renewed Trump administration.
  - **Asia Topics** – “Trump 2.0” heightens risks to Asia’s outlook.

#### 2024

- **2024/12/09** – [Monthly Review (December 2024)](https://www.smbc.co.jp/hojin/report/monthlyreview/resources/pdf/4_00_MR2412.pdf)
  - **Perspective** – Corporate governance reforms underpinning Japan’s equity rally.
  - **Economic Topics** – Structural headwinds keeping Germany’s economy weak.
  - **Social Topics** – Government programs launching to support mid-sized companies.
  - **Asia Topics** – Bank of Korea stays cautious about further rate cuts.
- **2024/11/08** – [Monthly Review (November 2024)](https://www.smbc.co.jp/hojin/report/monthlyreview/resources/pdf/4_00_MR2411.pdf)
  - **Perspective** – Stabilising demographics hinges on sustained economic and labour gains.
  - **Economic Topics** – Assessing the outlook for food prices.
  - **Financial Topics** – Priorities in Japan’s asset-management nation plan.
  - **Asia Topics** – Booming Chinese new-energy exports and their spillovers.
- **2024/10/08** – [Monthly Review (October 2024)](https://www.smbc.co.jp/hojin/report/monthlyreview/resources/pdf/4_00_MR2410.pdf)
  - **Perspective** – Community pharmacists’ role in solving healthcare bottlenecks.
  - **Economic Topics** – Japan’s goods exports are recovering.
  - **Social Topics** – Linking the Digital Garden City initiative to regional DX.
  - **Asia Topics** – ASEAN growth remains solid but faces Trump-related risks.
- **2024/09/10** – [Monthly Review (September 2024)](https://www.smbc.co.jp/hojin/report/monthlyreview/resources/pdf/4_00_MR2409.pdf)
  - **Perspective** – Strengthening Japan’s growth potential is the only lasting fix for yen weakness.
  - **Economic Topics** – Strong inbound tourism and the issues ahead.
  - **Social Topics** – Ensuring a “just transition” toward decarbonisation.
  - **Asia Topics** – Rapid growth in retail lending by Indian financial institutions.
- **2024/08/06** – [Monthly Review (August 2024)](https://www.smbc.co.jp/hojin/report/monthlyreview/resources/pdf/4_00_MR2408.pdf)
  - **Perspective** – Legal reforms to support balancing work and childcare.
  - **Economic Topics 1** – Japan’s economy is beginning to deliver a virtuous cycle.
  - **Economic Topics 2** – Kansai’s reliance on China remains a double-edged sword.
  - **Financial Topics** – Why young people are investing more and the challenges ahead.
- **2024/07/09** – [Monthly Review (July 2024)](https://www.smbc.co.jp/hojin/report/monthlyreview/resources/pdf/4_00_MR2407.pdf)
  - **Perspective** – Fiscal rigidity is a growing concern in a world with interest rates.
  - **Economic Topics** – Persistent U.S. inflation pressures.
  - **Social Topics** – Supporting seniors without family to rely on.
  - **Asia Topics** – Trump-related risks in Asian economies.
- **2024/06/10** – [Monthly Review (June 2024)](https://www.smbc.co.jp/hojin/report/monthlyreview/resources/pdf/4_00_MR2406.pdf)
  - **Perspective** – Leveraging Expo 2025 to spark Kansai innovation.
  - **Economic Topics** – How higher rates are affecting Japanese households.
  - **Social Topics** – Inheritance challenges in a super-aged society.
  - **Asia Topics** – China pivots to attracting foreign investment.
- **2024/05/08** – [Monthly Review (May 2024)](https://www.smbc.co.jp/hojin/report/monthlyreview/resources/pdf/4_00_MR2405.pdf)
  - **Perspective** – SMEs must also pursue decarbonisation.
  - **Economic Topics** – Why consumer spending has slumped and what’s next.
  - **Social Topics** – Public testing labs supporting regional manufacturers.
  - **Asia Topics** – Direct investment into India lags despite high expectations.
- **2024/04/09** – [Monthly Review (April 2024)](https://www.smbc.co.jp/hojin/report/monthlyreview/resources/pdf/4_00_MR2404.pdf)
  - **Perspective** – Reconsidering the framework for Category 3 pension dependents.
  - **Economic Topics** – The U.S. presidential election looms as a macro risk.
  - **Social Topics** – What overtime caps have done to productivity.
  - **Asia Topics** – Intergenerational employment gaps widening in South Korea.
- **2024/03/08** – [Monthly Review (March 2024)](https://www.smbc.co.jp/hojin/report/monthlyreview/resources/pdf/4_00_MR2403.pdf)
  - **Perspective** – How far Japan has reduced its reliance on China.
  - **Economic Topics** – Wage-driven inflation pressures building in Japan.
  - **Social Topics** – Night-time economy initiatives reaching regional cities.
  - **Asia Topics** – Reading China’s 2024 economic policy agenda.
- **2024/02/08** – [Monthly Review (February 2024)](https://www.smbc.co.jp/hojin/report/monthlyreview/resources/pdf/4_00_MR2402.pdf)
  - **Perspective** – Use local subsidiaries to catch up in ASEAN markets.
  - **Economic Topics 1** – Booming semiconductor construction and the bottlenecks it raises.
  - **Economic Topics 2** – Government measures against high prices and the road ahead.
  - **Economic Topics 3** – Kansai’s gradual recovery continues.
- **2024/01/12** – [Monthly Review (January 2024)](https://www.smbc.co.jp/hojin/report/monthlyreview/resources/pdf/4_00_MR2401.pdf)
  - **Perspective** – Policies should zero in on strengthening supply capacity.
  - **Economic Topics 1** – Japan’s economy is recovering on the back of domestic demand.
  - **Economic Topics 2** – Inflation holds the key to the U.S. economy in 2024.
  - **Asia Topics** – Asia’s recovery is coming with heightened risks.

#### 2023

- **2023/12/11** – [Monthly Review (December 2023 issue)](https://www.smbc.co.jp/hojin/report/monthlyreview/resources/pdf/4_00_MR2312.pdf) (931KB)
  - **Perspective** – Employee financial well-being required by corporate management
  - **Economic Topics** – German economy suffering from economic downturn
  - **Social Topics** – Thinking about the ideal form of corporate childcare support
  - **Asia Topics** – Unemployed young people in China increase due to mismatch
- **2023/11/09** – [Monthly Review (November 2023 issue)](https://www.smbc.co.jp/hojin/report/monthlyreview/resources/pdf/4_00_MR2311.pdf) (974KB)
  - **Perspective** – Younger generation’s desire to get married and have children is declining
  - **Economic Topics** – Current status and challenges of accepting foreign workers
  - **Financial Topics** – Toward improving the operational capabilities of defined benefit corporate pensions
  - **Asia Topics** – ASEAN economic recovery relies on inbound tourism
- **2023/10/11** – [Monthly Review (October 2023 issue)](https://www.smbc.co.jp/hojin/report/monthlyreview/resources/pdf/4_00_MR2310.pdf) (958KB)
  - **Perspective** – The ripples of the U.S. debt rating downgrade and Japan's challenges
  - **Economic Topics** – Japan's software investment continues to expand
  - **Social Topics** – Telework in the post-corona era
  - **Asia Topics** – China's economy continues to be unstable
- **2023/09/11** – [Monthly Review (September 2023 issue)](https://www.smbc.co.jp/hojin/report/monthlyreview/resources/pdf/4_00_MR2309.pdf) (1,088KB)
  - **Perspective** – Lights and shadows of inward-looking industrial policy and supply network restructuring
  - **Economic Topics** – Expectations and challenges for increased consumption by visitors to Japan
  - **Social Topics** – Advantages and future challenges of electronic prescriptions
  - **Asia Topics** – Semiconductor market is expected to recover, but the reality is harsh
- **2023/08/04** – [Monthly Review (August 2023 issue)](https://www.smbc.co.jp/hojin/report/monthlyreview/resources/pdf/4_00_MR2308.pdf) (921KB)
  - **Perspective** – Expectations for companies as seen in the Children's Future Strategy Policy
  - **Economic Topics 1** – Japan urgently needs to address labor shortages
  - **Economic Topics 2** – Construction investment trends in Kansai
  - **Financial Topics** – Digital payroll has been lifted
- **2023/07/07** – [Monthly Review (July 2023 issue)](https://www.smbc.co.jp/hojin/report/monthlyreview/resources/pdf/4_00_MR2307.pdf) (952KB)
  - **Perspective** – Challenges towards utilizing carbon pricing
  - **Economic Topics** – Persistent upward pressure on crude oil prices
  - **Social Topics** – Issues surrounding daily financial management for elderly people with dementia
  - **Asia Topics** – Impact of El Niño phenomenon on Asian economy
- **2023/06/06** – [Monthly Review (June 2023 issue)](https://www.smbc.co.jp/hojin/report/monthlyreview/resources/pdf/4_00_MR2306.pdf) (912KB)
  - **Perspective** – Challenges for hosting the Osaka/Kansai Expo
  - **Economic Topics** – Challenges towards sustainable wage increases
  - **Financial Topics** – Overview of the new NISA and remaining issues
  - **Asia Topics** – China's economy recovers rapidly at the beginning of the year, but there are concerns about its sustainability
- **2023/05/15** – [Monthly Review (May 2023 issue)](https://www.smbc.co.jp/hojin/report/monthlyreview/resources/pdf/4_00_MR2305.pdf) (926KB)
  - **Perspective** – Developing digital human resources and deploying them to each industry
  - **Economic Topics** – Achieving a virtuous cycle through appropriate price transfer and wage increases
  - **Social Topics** – Towards overcoming the labor shortage in the tourism industry
  - **Asia Topics** – South Korean economy is concerned about prolonged high interest rates
- **2023/04/07** – [Monthly Review (April 2023 issue)](https://www.smbc.co.jp/hojin/report/monthlyreview/resources/pdf/4_00_MR2304.pdf) (924KB)
  - **Perspective** – Collaboration between small and medium-sized businesses and startups that are attracting attention
  - **Economic Topics** – Employment situation determines the future of the U.S. economy
  - **Financial Topics** – DX expected to penetrate small and medium-sized businesses
  - **Asia Topics** – Growing interest from Japanese companies in Indian business
- **2023/03/09** – [Monthly Review (March 2023 issue)](https://www.smbc.co.jp/hojin/report/monthlyreview/resources/pdf/4_00_MR2303.pdf) (921KB)
  - **Perspective** – China enters a declining population society
  - **Economic Topics** – Signs of full-fledged recovery in Japan's inbound demand
  - **Social Topics** – Challenges for reviewing the automobile tax system
  - **Asia Topics** – The future of Indonesia's mineral resources policy
- **2023/02/07** – [Monthly Review (February 2023 issue)](https://www.smbc.co.jp/hojin/report/monthlyreview/resources/pdf/4_00_MR2302.pdf) (934KB)
  - **Perspective** – Accurate understanding of the 1.06 million yen wall and the 1.3 million yen wall
  - **Economic Topics 1** – Japanese capital investment expected to increase
  - **Economic Topics 2** – Kansai economy continues to recover, supported by domestic demand
  - **Social Topics** – Adventure tourism attracting attention due to tourism revitalization
- **2023/01/12** – [Monthly Review (January 2023 issue)](https://www.smbc.co.jp/hojin/report/monthlyreview/resources/pdf/4_00_MR2301.pdf) (834KB)
  - **Perspective** – Preventing the regression of globalization and calming world inflation
  - **Economic Topics 1** – The Japanese economy continues to normalize its economic activities
  - **Economic Topics 2** – Return to work of middle-aged and elderly people who hold the key to US inflation trends
  - **Asia Topics** – Restructuring of supply networks will be a tailwind for the ASEAN and Indian economies

#### 2022

- **2022/12/15** – [Monthly Review (December 2022 issue)](https://www.smbc.co.jp/hojin/report/monthlyreview/resources/pdf/4_00_MR2212.pdf) (940KB)
  - **Perspective** – Perspectives required to materialize the asset income doubling plan
  - **Economic Topics** – Eurozone economy showing signs of recession
  - **Social Topics** – Japan's efforts to address loneliness and isolation issues
  - **Asia Topics** – Rapidly increasing direct investment in Malaysia
- **2022/11/08** – [Monthly Review (November 2022 issue)](https://www.smbc.co.jp/hojin/report/monthlyreview/resources/pdf/4_00_MR2211.pdf) (924KB)
  - **Perspective** – What lies behind the declining birthrate that has accelerated due to the coronavirus pandemic
  - **Economic Topics** – Gender wage gap remains large
  - **Financial Topics** – Movements and required initiatives to promote financial education in Japan
  - **Asia Topics** – Business slump among small and medium-sized local banks spreads due to China's economic downturn
- **2022/10/07** – [Monthly Review (October 2022 issue)](https://www.smbc.co.jp/hojin/report/monthlyreview/resources/pdf/4_00_MR2210.pdf) (958KB)
  - **Perspective** – Issues for next year's budget formulation
  - **Economic Topics** – Earnings and capital investment in the materials industry are a cause for concern due to the weakening yen
  - **Social Topics** – Overview and challenges of the metaverse that is attracting attention
  - **Asia Topics** – Demographic trends in China and India after the coronavirus pandemic
- **2022/09/05** – [Monthly Review (September 2022 issue)](https://www.smbc.co.jp/hojin/report/monthlyreview/resources/pdf/4_00_MR2209.pdf) (951KB)
  - **Perspective** – The global economy aims for a soft landing after overcoming supply issues
  - **Economic Topics** – Recovery in inbound demand, weighed down by remaining domestic and overseas constraints
  - **Social Topics** – Medical care changes with the introduction of refill prescriptions
  - **Asia Topics** – China's economy recovers, but it is difficult to achieve government targets
- **2022/08/05** – [Monthly Review (August 2022 issue)](https://www.smbc.co.jp/hojin/report/monthlyreview/resources/pdf/4_00_MR2208.pdf) (916KB)
  - **Perspective** – Enactment of the Children's Basic Law and establishment of the Children and Families Agency
  - **Economic Topics 1** – Japan's economy heading towards recovery from the coronavirus pandemic
  - **Economic Topics 2** – Expectations and challenges for Kansai tourism industry towards resumption of inbound tourism
  - **Financial Topics** – Current status and issues of small and medium-sized business finance
- **2022/07/07** – [Monthly Review (July 2022 issue)](https://www.smbc.co.jp/hojin/report/monthlyreview/resources/pdf/4_00_MR2207.pdf) (924KB)
  - **Perspective** – International cooperation movement towards fair corporate tax burden
  - **Economic Topics** – US housing market remains solid despite rising interest rates
  - **Social Topics** – Factors that prevent men from taking childcare leave and their solutions
  - **Asia Topics** – China's economy is disrupted by zero-corona policy
- **2022/06/07** – [Monthly Review (June 2022 issue)](https://www.smbc.co.jp/hojin/report/monthlyreview/resources/pdf/4_00_MR2206.pdf) (1,006KB)
  - **Perspective** – Towards the success of the Osaka/Kansai Expo
  - **Economic Topics** – The importance of reducing food loss increases due to inflation
  - **Social Topics** – Trends in M&A among small and medium-sized enterprises
  - **Asia Topics** – Lessons for Asian countries from the Sri Lankan crisis
- **2022/05/11** – [Monthly Review (May 2022 issue)](https://www.smbc.co.jp/hojin/report/monthlyreview/resources/pdf/4_00_MR2205.pdf) (900KB)
  - **Perspective** – Utilizing digital technology to help small and medium-sized businesses recover their business performance
  - **Economic Topics** – Risk of Japan's economic downturn increasing due to high oil prices
  - **Asia Topics 1** – Chinese IT companies increasing their presence in Southeast Asia
  - **Asia Topics 2** – China's economic management strives for stable growth
- **2022/04/07** – [Monthly Review (April 2022 issue)](https://www.smbc.co.jp/hojin/report/monthlyreview/resources/pdf/4_00_MR2204.pdf) (894KB)
  - **Perspective** – Now is the time to bring digital literacy to all citizens
  - **Economic Topics** – Crude oil supply shortage caused by structural investment decline
  - **Financial Topics** – Support for urgent decarbonization efforts of small and medium-sized enterprises
  - **Asia Topics** – Indian economy under downward pressure from high crude oil prices
- **2022/03/08** – [Monthly Review (March 2022 issue)](https://www.smbc.co.jp/hojin/report/monthlyreview/resources/pdf/4_00_MR2203.pdf) (950KB)
  - **Perspective** – China's housing market raises concerns about "overcooling"
  - **Economic Topics** – How do you view measures to increase wages?
  - **Social Topics** – Domestic movements to prepare for the resumption of tourism
  - **Asia Topics** – Indonesia aims to transform its industrial structure centering on EVs
- **2022/02/08** – [Monthly Review (February 2022 issue)](https://www.smbc.co.jp/hojin/report/monthlyreview/resources/pdf/4_00_MR2202.pdf) (944KB)
  - **Perspective** – A discussion on childcare support that goes beyond expanding expenditures
  - **Economic Topics 1** – Japan's exports expected to recover
  - **Economic Topics 2** – Kansai economy continues to recover from the coronavirus pandemic
  - **Social Topics** – Thinking about policy tax policy for companies
- **2022/01/07** – [Monthly Review (January 2022 issue)](https://www.smbc.co.jp/hojin/report/monthlyreview/resources/pdf/4_00_MR2201.pdf) (877KB)
  - **Perspective** – How to see the world economy in 2022
  - **Economic Topics 1** – Japan's economy heading towards recovery from the coronavirus pandemic
  - **Economic Topics 2** – Inflation trends are attracting attention in the US economy
  - **Asia Topics** – Asian economies aim for stable growth despite mounting risks

### Industry topic snapshots

Industry-topic briefs have not been refreshed recently, but SMBC still lists the last published set for reference:

- **2020/01/24** – [The Rise of US Platformers and Changes in Industrial Structure](https://www.smbc.co.jp/hojin/report/monthlyreviewtopics/resources/pdf/2_21_CRSDMR2002.pdf)
- **2019/11/26** – [Strategic Changes in the Automotive Lithium-ion Battery Industry](https://www.smbc.co.jp/hojin/report/monthlyreviewtopics/resources/pdf/2_01_CRSDMR1912.pdf)
- **2019/09/27** – [Accelerating Consolidation in the Chinese Steel Industry](https://www.smbc.co.jp/hojin/report/monthlyreviewtopics/resources/pdf/2_01_CRSDMR1910.pdf)
- **2019/07/31** – [Expansion of Supply Chains to ASEAN in the Electrical Industry](https://www.smbc.co.jp/hojin/report/monthlyreviewtopics/resources/pdf/2_07_CRSDMR1907.pdf)
- **2019/05/31** – [Growth Prospects for European Electric Vehicle (EV) Charging Infrastructure](https://www.smbc.co.jp/hojin/report/monthlyreviewtopics/resources/pdf/2_20_CRSDMR1906.pdf)
- **2019/03/22** – [Vibrant Venture Capital Investment in the US and Future Focus Points](https://www.smbc.co.jp/hojin/report/industry/resources/pdf/2_21_CRSDMR1904.pdf)
- **2019/01/30** – [Trends in China's Semiconductor Industry](https://www.smbc.co.jp/hojin/report/monthlyreviewtopics/resources/pdf/2_06_CRSDMR1902.pdf)
- **2018/11/22** – [Current Status of China's Environmental Regulations and Business Opportunities for Japanese Companies](https://www.smbc.co.jp/hojin/report/monthlyreviewtopics/resources/pdf/2_03_CRSDMR1812.pdf)
- **2018/09/25** – [Current State of the ASEAN Cold Chain Market and Logistics Operators' Strategic Shift](https://www.smbc.co.jp/hojin/report/monthlyreviewtopics/resources/pdf/2_13_CRSDMR1810.pdf)
- **2018/07/30** – [Accelerated Introduction of Offshore Wind Power in Europe](https://www.smbc.co.jp/hojin/report/monthlyreviewtopics/resources/pdf/2_20_CRSDMR1808.pdf)
- **2018/05/28** – [New Developments in US Shopping Malls for Survival](https://www.smbc.co.jp/hojin/report/monthlyreviewtopics/resources/pdf/2_16_17_CRSDMR1805.pdf)
- **2018/03/20** – [Changes in Investment Strategies for Korean-Taiwanese Petrochemical Manufacturers](https://www.smbc.co.jp/hojin/report/monthlyreviewtopics/resources/pdf/2_03_CRSDMR1804.pdf)

## Industry-Specific Reports

| Industry (1)                                                                | Industry (2)                                                        | Industry (3)                                                                                   | Industry (4)                                                            |
| --------------------------------------------------------------------------- | ------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------- |
| [Steel](https://www.smbc.co.jp/hojin/report/industry/01.html)               | [Oil & Gas](https://www.smbc.co.jp/hojin/report/industry/02.html)   | [Petrochemicals](https://www.smbc.co.jp/hojin/report/industry/03.html)                         | [Pulp & Paper](https://www.smbc.co.jp/hojin/report/industry/04.html)    |
| [Pharmaceuticals](https://www.smbc.co.jp/hojin/report/industry/05.html)     | [Food](https://www.smbc.co.jp/hojin/report/industry/22.html)        | [Electronic Components & Semiconductors](https://www.smbc.co.jp/hojin/report/industry/06.html) | [Appliances](https://www.smbc.co.jp/hojin/report/industry/07.html)      |
| [Machinery](https://www.smbc.co.jp/hojin/report/industry/08.html)           | [Automobiles](https://www.smbc.co.jp/hojin/report/industry/09.html) | [Shipbuilding](https://www.smbc.co.jp/hojin/report/industry/10.html)                           | [Communications](https://www.smbc.co.jp/hojin/report/industry/11.html)  |
| [Shipping (Overseas)](https://www.smbc.co.jp/hojin/report/industry/12.html) | [Aviation](https://www.smbc.co.jp/hojin/report/industry/23.html)    | [Land Transportation & Warehousing](https://www.smbc.co.jp/hojin/report/industry/13.html)      | [Construction](https://www.smbc.co.jp/hojin/report/industry/14.html)    |
| [Real Estate](https://www.smbc.co.jp/hojin/report/industry/15.html)         | [Apparel](https://www.smbc.co.jp/hojin/report/industry/16.html)     | [Supermarkets & Drugstores](https://www.smbc.co.jp/hojin/report/industry/17.html)              | [Dining Out](https://www.smbc.co.jp/hojin/report/industry/18.html)      |
| [Leisure](https://www.smbc.co.jp/hojin/report/industry/19.html)             | [Electricity](https://www.smbc.co.jp/hojin/report/industry/20.html) | [Information Services](https://www.smbc.co.jp/hojin/report/industry/21.html)                   | [Travel & Hotels](https://www.smbc.co.jp/hojin/report/industry/19.html) |
