IGN has an article
up that's pretty self-explanatory: Matt not only asked Reggie last year of Fatal Frame IV
was coming to America (his answer: "It's not on our localization list"), and then went to Tecmo and asked if they knew about the game hitting the States. and their response was that NoA has decided to not publish the title.
So basically Nintendo of Europe is giving their fans Trace Memory 2
and Fatal Frame IV
, but Nintendo of America is not.