While flying cars may seem like something from Science Fiction, Advanced Aerial Mobililty has emerged as an industry capable of making it a reality. However, furthering advances comes with new challenges of ensuring safety, swaying public opinion, and more. In this report, Mr. Fujimaki reviews Advancing Aerial Mobility: A National Blueprint (2020), a report published by NASEM and called for by NASA to discover the challenges and benefits of this up-and-coming means of travel. < Back Civil Aviation Concerning the NASEM’s Report on Flying Cars, Advancing Aerial Mobility: A National Blueprint (2020) By Yoshihiro Fujimaki While flying cars may seem like something from Science Fiction, Advanced Aerial Mobililty has emerged as an industry capable of making it a reality. However, furthering advances comes with new challenges of ensuring safety, swaying public opinion, and more. In this report, Mr. Fujimaki reviews Advancing Aerial Mobility: A National Blueprint (2020), a report published by NASEM and called for by NASA to discover the challenges and benefits of this up-and-coming means of travel. Download the Report

The redevelopment project for Hudson Yard is the largest in New York City history, and consequently comes with unique financial challenges and ingenuity. Part 3 of this series investigates bonds, loans, and the current status of finances and financial relationships in the Hudson Yards Project. < Back Surface Transportation Financing Development of Public Transport-oriented Urban Growth and Subway Infrastructure at New York City’s Hudson Yard through Profit Gained from the Development Itself (Part 3) By Tomomi Tsuchiya & Daisuke Miyamoto The redevelopment project for Hudson Yard is the largest in New York City history, and consequently comes with unique financial challenges and ingenuity. Part 3 of this series investigates bonds, loans, and the current status of finances and financial relationships in the Hudson Yards Project. Download the Report

LaGuardia Airport PPP is set against the backdrop of the world’s largest city for business, New York City. It is no overstatement to say that this is one of the world’s foremost PPP projects in anticipation of the ever-increasing demand for air travel. < Back Civil Aviation New York’s LaGuardia Airport Public-Private Partnership (PPP) Project By Tetsuhiro Hagiwara LaGuardia Airport PPP is set against the backdrop of the world’s largest city for business, New York City. It is no overstatement to say that this is one of the world’s foremost PPP projects in anticipation of the ever-increasing demand for air travel. Download the Report

In June 2025, five national authorities, including the U.S. Federal Aviation Administration (FAA), published a roadmap for type certification of Advanced Air Mobility (AAM). In July 2025, the FAA formally issued an Advisory Circular on type certification of powered-lift, and also published the Final Rule on the Modernization of Special Airworthiness Certification (MOSAIC). This report provides an overview of these recent U.S. government policy developments related to AAM. < Back Civil Aviation January 2026 U.S. Policy Trends on Advanced Air Mobility: Part 5 ~ Development of the Roadmap for AAM TC, Issuance of the AC on Powered-Lift TC, and Final Rule of MOSAIC ~ By Shinichiro Tsuri In June 2025, five national authorities, including the U.S. Federal Aviation Administration (FAA), published a roadmap for type certification of Advanced Air Mobility (AAM). In July 2025, the FAA formally issued an Advisory Circular on type certification of powered-lift, and also published the Final Rule on the Modernization of Special Airworthiness Certification (MOSAIC). This report provides an overview of these recent U.S. government policy developments related to AAM. Download the Report

In the previous report, I provided an overview and history of TOD in Paris, France, and also highlighted the redevelopment of the Rive Gauche area as a good example of it. In this issue, I would like to introduce the specific contents (transportation planning, housing/office development, future prospects) of this TOD. Additionally, in the second half, I will discuss the implications obtained from this series: Survey of Smart City Trends in the West - TOD and MaaS. < Back Surface Transportation March 2024 Survey of Smart City Trends in the West: Transit-oriented Development and Mobility-as-a-Service Part 7: Case Study – Paris, France(2) Final Report By Akito Okabe In the previous report, I provided an overview and history of TOD in Paris, France, and also highlighted the redevelopment of the Rive Gauche area as a good example of it. In this issue, I would like to introduce the specific contents (transportation planning, housing/office development, future prospects) of this TOD. Additionally, in the second half, I will discuss the implications obtained from this series: Survey of Smart City Trends in the West - TOD and MaaS. Download the Report

On July 9th, President Biden announced his "Executive Order on Promoting Competition in the American Economy" to bolster competition in industries where certain companies dominate the market. The executive order covers a wide range of industrial fields, including technology, health care, agriculture, manufacturing, and transportation, and gives the government agencies in charge of each field some specific instructions for promoting competition. < Back Tourism & More President Biden's "Executive Order on Promoting Competition in the American Economy" By Tetsuhiro Nakagawa On July 9th, President Biden announced his "Executive Order on Promoting Competition in the American Economy" to bolster competition in industries where certain companies dominate the market. The executive order covers a wide range of industrial fields, including technology, health care, agriculture, manufacturing, and transportation, and gives the government agencies in charge of each field some specific instructions for promoting competition. Download the Report

The Advanced Aviation Advisory Committee comprised of leaders in airport communities, local governments, air traffic controllers, academia, traditional manned aviation operators, UAS manufacturers, operators, and those with a background in Advanced Air Mobility (AAM) was established to provide advice and recommendations to the U.S. DOT and FAA. Attending a recent meeting of the Committee, the author writes on the focus of the meeting and recommendations. < Back Civil Aviation The Federal Aviation Administration and Industry's Work on Advanced Air Mobility By Shinichiro Tsuri The Advanced Aviation Advisory Committee comprised of leaders in airport communities, local governments, air traffic controllers, academia, traditional manned aviation operators, UAS manufacturers, operators, and those with a background in Advanced Air Mobility (AAM) was established to provide advice and recommendations to the U.S. DOT and FAA. Attending a recent meeting of the Committee, the author writes on the focus of the meeting and recommendations. Download the Report

Read the continuation of our Surface Transportation Analyst, Daisuke Miyamoto's, overview and analysis of Mobility on Demand in the United States. In this section, the background of this growing initiative, as well as the stakeholders needed to accomplish it, are covered in depth. < Back Surface Transportation A Report on Trends of Mobility on Demand in the United States (Part 2) By Daisuke Miyamoto Read the continuation of our Surface Transportation Analyst, Daisuke Miyamoto's, overview and analysis of Mobility on Demand in the United States. In this section, the background of this growing initiative, as well as the stakeholders needed to accomplish it, are covered in depth. Download the Report

Addressing climate change has become an urgent issue across all industries worldwide, and the aviation sector is no exception; it is now regarded as a priority area that requires industry-wide efforts. Although aviation is said to account for a relatively small share of global carbon dioxide (CO₂) emissions, it is considered one of the most difficult sectors to decarbonize, and thus swift action is required. According to the International Energy Agency (IEA), in 2023, emissions from the aviation sector accounted for 2.5% of global energy-related CO₂ emissions, increasing at a faster pace between 2000 and 2019 than other transport sectors, including rail, road, and maritime. During the COVID-19 pandemic, emissions declined due to reduced demand, but with the recovery of international travel, CO₂ emissions in the aviation sector reached approximately 950 million tons in 2023, over 90% of pre-pandemic levels.１） In the United States, the government and private sector have also taken steps to address climate change. In 2021, the Biden Administration announced a national target to reduce U.S. greenhouse gas (GHG) emissions by 50–52% below 2005 levels by 2030,２） and presented a long-term commitment to achieving net-zero GHG emissions economy-wide by 2050.３） In the aviation sector, the U.S. government released the U.S. Aviation Climate Action Plan in November 2021,４） which set a goal of achieving net-zero GHG emissions in the U.S. aviation sector by 2050 and outlined a whole-of-government framework to achieve that goal. The plan was also submitted to the International Civil Aviation Organization (ICAO) as the U.S. State Action Plan and is to be updated every three years; a revised version was published in 2024. Furthermore, recognizing that Sustainable Aviation Fuel (SAF) presents the greatest potential impact toward aviation decarbonization by 2050, the U.S. Department of Energy (DOE), Department of Transportation (DOT), and Department of Agriculture (USDA) jointly announced the SAF Grand Challenge５） in September 2021, a comprehensive strategy aimed at scaling up commercial production of SAF. However, since President Trump took office in January 2025, several policy shifts have occurred, reversing or altering initiatives launched under the Biden Administration. Regarding climate and energy, President Trump, on his first day in office, issued an order to withdraw the United States from the Paris Agreement,６） declared a national energy emergency,７） and signed an executive order to encourage the development of domestic energy resources such as oil and natural gas.８） In the aviation sector, changes to tax credits for SAF have emerged that may influence decarbonization efforts. This report reviews U.S. policies and industry initiatives related to aviation and airport decarbonization, examines the effects of the recent administration change, and considers future prospects and implications. < Back Civil Aviation February 2026 Trends in Decarbonization Policies for the Aviation and Airport Sectors in the United States By Yukiko Nakamura Addressing climate change has become an urgent issue across all industries worldwide, and the aviation sector is no exception; it is now regarded as a priority area that requires industry-wide efforts. Although aviation is said to account for a relatively small share of global carbon dioxide (CO₂) emissions, it is considered one of the most difficult sectors to decarbonize, and thus swift action is required. According to the International Energy Agency (IEA), in 2023, emissions from the aviation sector accounted for 2.5% of global energy-related CO₂ emissions, increasing at a faster pace between 2000 and 2019 than other transport sectors, including rail, road, and maritime. During the COVID-19 pandemic, emissions declined due to reduced demand, but with the recovery of international travel, CO₂ emissions in the aviation sector reached approximately 950 million tons in 2023, over 90% of pre-pandemic levels.１） In the United States, the government and private sector have also taken steps to address climate change. In 2021, the Biden Administration announced a national target to reduce U.S. greenhouse gas (GHG) emissions by 50–52% below 2005 levels by 2030,２） and presented a long-term commitment to achieving net-zero GHG emissions economy-wide by 2050.３） In the aviation sector, the U.S. government released the U.S. Aviation Climate Action Plan in November 2021,４） which set a goal of achieving net-zero GHG emissions in the U.S. aviation sector by 2050 and outlined a whole-of-government framework to achieve that goal. The plan was also submitted to the International Civil Aviation Organization (ICAO) as the U.S. State Action Plan and is to be updated every three years; a revised version was published in 2024. Furthermore, recognizing that Sustainable Aviation Fuel (SAF) presents the greatest potential impact toward aviation decarbonization by 2050, the U.S. Department of Energy (DOE), Department of Transportation (DOT), and Department of Agriculture (USDA) jointly announced the SAF Grand Challenge５） in September 2021, a comprehensive strategy aimed at scaling up commercial production of SAF. However, since President Trump took office in January 2025, several policy shifts have occurred, reversing or altering initiatives launched under the Biden Administration. Regarding climate and energy, President Trump, on his first day in office, issued an order to withdraw the United States from the Paris Agreement,６） declared a national energy emergency,７） and signed an executive order to encourage the development of domestic energy resources such as oil and natural gas.８） In the aviation sector, changes to tax credits for SAF have emerged that may influence decarbonization efforts. This report reviews U.S. policies and industry initiatives related to aviation and airport decarbonization, examines the effects of the recent administration change, and considers future prospects and implications. Download the Report

Eno conducted an analysis of the international market for air travel for JITTI USA. This multi-part series details some of the most interesting facts and findings, and is instructive for thinking about how international air service has evolved over the past few decades. < Back Civil Aviation Trends in International Travel Part 4: Conclusion By Paul Lewis Eno conducted an analysis of the international market for air travel for JITTI USA. This multi-part series details some of the most interesting facts and findings, and is instructive for thinking about how international air service has evolved over the past few decades. Download the Report

Paris, France is well-known as a public transit-oriented city, with a large portion of public transportation including the subway.* Regarding urban redevelopment, although there are few cases where it is explicitly mentioned in terms such as TOD, (a concept that originated in the United States), there are many compact development areas centered around subway stations, and it is becoming highly rated as a sustainable city in many surveys. < Back Surface Transportation January 2024 Survey of Smart City Trends in the West: Transit-oriented Development and Mobility-as-a-Service Part 6: Case Study – Paris, France (1) By Akito Okabe Paris, France is well-known as a public transit-oriented city, with a large portion of public transportation including the subway.* Regarding urban redevelopment, although there are few cases where it is explicitly mentioned in terms such as TOD, (a concept that originated in the United States), there are many compact development areas centered around subway stations, and it is becoming highly rated as a sustainable city in many surveys. Download the Report

In 2023, El Niño caused a significant drop in the water levels of Lake Gatun, leading to severe restrictions on the number of ships able to transit the Panama Canal. Despite its vast landmass, geographically isolated from the sea, the United States functions as a maritime nation, in line with Alfred Mahan’s theory of sea power, with the majority of its imports and exports relying on maritime routes. Consequently, the restrictions on Panama Canal transits that year had a substantial impact on the U.S. economy. For Japan, an undeniable sea power surrounded by ocean and dependent on maritime logistics for 99.6% of its trade, the Panama Canal is a crucial maritime route that directly affects its economic security. This paper will examine the recent developments concerning the Panama Canal and, drawing on insights that I’ve gained from working in Washington, will analyze the impact of sea lane vulnerabilities on U.S. economic security. < Back Maritime Transportation September 2024 A Study on the Impact of the Panama Canal’s Vulnerabilities on U.S. Economic Security By Daisuke Komatsu In 2023, El Niño caused a significant drop in the water levels of Lake Gatun, leading to severe restrictions on the number of ships able to transit the Panama Canal. Despite its vast landmass, geographically isolated from the sea, the United States functions as a maritime nation, in line with Alfred Mahan’s theory of sea power, with the majority of its imports and exports relying on maritime routes. Consequently, the restrictions on Panama Canal transits that year had a substantial impact on the U.S. economy. For Japan, an undeniable sea power surrounded by ocean and dependent on maritime logistics for 99.6% of its trade, the Panama Canal is a crucial maritime route that directly affects its economic security. This paper will examine the recent developments concerning the Panama Canal and, drawing on insights that I’ve gained from working in Washington, will analyze the impact of sea lane vulnerabilities on U.S. economic security. Download the Report