I think we'll have to wait a looooong time. If anything an SMT game is more likely if they push the "Fucking summon Satan!" aspect of it. Making cool/edgy and dark. But even then.
I've argued that in the past here on Neogaf too. If you look at Nocturne, it's almost like a turn-based Dark Souls: minimalistic approach to storytelling, atmospheric, dark, challenging. It presents itself as a more mature game than Persona and deals with themes and mythologies instantly recognizable in the west. It picks a bunch of popular deities (Thor, Odin, freaking Lucifer) and pits them against one another in some grand war between different factions of "demonism". In theory, it sounds like something that could have some pretty good legs on steam.
The fact that the high school rpg with light dating sim elements was the bigger hit even in the west is pretty funny to think about.
I guess an HD SMT could have potential if they really sold the "war between angels, demons and gods" element of it.
Also JRPGs will never reach ME now. Only FF and even then...
Has any Mass Effect reached the same kind of numbers VII, VIII and X did? (11 million for the former, around 7 for the other 2 but counting rereleases they should be at least over 8)
Wikipedia cites the entire franchise as having sold 14 million as of 2014, which averages around 5 million per entry. FF has definitely been bigger than that. Even XIII managed 6 million. WRPGs in general have gotten a boost in the last few years though, so it'll be interesting to see how FF XV and ME 4 compare. I do think ME has much better momentum and mainstream potential going for it.