Shin Megami Tensei V - New Game Plus carry over, here's what transfers in NG+
Much like previous games in the series, Shin Megami Tensei V has multiple endings, and some content in the game is exclusive to certain end-game routes. For those looking to complete everything SMT V has to offer, including all sidequests and getting a 100% compendium, multiple playthroughs are needed.
So, you might be wondering if SMT V has a new game plus mode and what carries over onto a second playthrough, if you desire. Also much like recent games in the series, yes, Shin Megami Tensei has a New Game Plus option. In fact, there are two different NG+ options: Newborn and Reborn.
Here we'll break down what carries over in each New Game Plus mode.
Shin Megami Tensei V - New Game Plus - Newborn Mode
SMT V's Newborn mode is like a 'lite' New Game Plus. This mode is for people who want to replay the game while maintaining some collectible bonuses, like Miracles, Demons, and Enemy info, but resets you Nahobino to level 1. This mode allows for the challenge to be maintained while allowing players to still collect everything that might be exclusively found on routes they've completed before.
Shin Megami Tensei V - New Game Plus - Reborn Mode
SMT V's Reborn mode is is a full New Game Plus mode. Practically everything carries over, including the Nahobino's level and current demons. This is the mode for those who want to replay SMT V to see everything it wants to offer, while blitzing through the story with an overpowered team.
Oddly enough, key items do not carry over, including Talisman items that are found through quests or exploration. These Talisman items are what allow the Nahobino and his demon party to perform different Magatsuhi skills, so that means even on a Reborn NG+, you won't be able to cast most Magatsuhi skills unless you re-gain the Talisman needed to perform those skills.
For what it is worth, if you are curious, a 'speed-run' of SMT V with an overpowered team on a Reborn NG+ takes about 3-4 hours.