Both exchanges also seem to be interested in promoting cross-listings of both new offerings and for those already listed, where for instance Japanese firms with a large presence in the U.S. would list on the Nasdaq and vice versa.
This is a welcomed initiative because American investors have limited access to investing in Japanese stocks in the U.S. and the transaction costs of trying to buy ordinary shares is usually prohibitive. Also, ADRs tend to be concentrated among well-established, larger cap firms. Japanese investors have much lower trading commissions but many probably aren't knowledgeable enough of the U.S. tech sector to venture out and invest in Nasdaq listed firms on their own.
Dual listings on the Jasdaq-Nasdaq would certainly help U.S. firms build their brand in Japan.
Google (GOOG) is a firm that particularly comes to mind that would stand to benefit from the exposure of a Jasdaq listing although its market cap would dwarf everyone.
My research shows that 10 of the 29 Japanese firms listed on U.S. exchanges are listed on the Nasdaq. The others are listed on the NYSE (NYX). Most recently Kirin voluntarily delisted from the Nasdaq (also see related discussion here); Pioneer did so too earlier this year. Maybe the planned Jasdaq-Nasdaq partnership will prevent other firms from delisting. Typically listing costs and requirements and/or low trading volume are factors in applying for a delisting.
Click here to access Jasdaq's web site in English.
Nasdaq Stock Market Inc (NDAQ) 1-year chart: