Nasdaq is giving up on its Japanese venture.

In a statement issued today, the firm said, “With deep regret the board of directors of Nasdaq Japan Inc., today voted to take the company to dormant status, effectively ceasing operations. After careful consideration of a range of options, the board concluded that under current economic circumstances there is not a viable path forward for the company.”

A letter was sent today to the Osaka Securities Exchange formally giving notice of termination of the agreement between the OSE and Nasdaq Japan. The termination will become effective on October 15.

Nasdaq Japan says it is dedicated to an orderly transition as it winds down operations. Companies listed on the market will retain their listing on the OSE, and thus there will be no disruption to trading. The access of these companies to the capital markets will be continued without interruption. In addition, Nasdaq Japan has offered the OSE the use of its brand until the end of this year.

Despite attracting nearly 100 companies to the Nasdaq Japan market in its first two years, the board determined that under the current economic circumstances the venture could not be sustained.

Rick Ketchum, president of Nasdaq stated, “The decision to wind down our operations in Japan in no way changes Nasdaq’s commitment to our international strategy and we will continue to leverage market opportunities, particularly in Europe in the near term.”