The most logical reason to not release FF4 I can come up with are these:
1.) Profitability - NoA possibly thinks this game can't achieve to be profitable for them in NA.
This may be a sign of a "shareholder value" business model.
2.) Image loss - Nintendo positioned themselves as a family friendly company and üerhaps somehow they think FF4 could tarnish this image and decided to not release it because of this.
Third party software like the recent Madworld may indicate that this isn't the reason, so it could be ..
3) Corporate philosophy (atleast for NoA) - Maybe Nintendo has no intention on releasing FF4, because the game is incompatible to their corporate philosophy of releasing games everyone can enjoy.
In my opinion it's likely a combination of these points, but if you think it could be sth. entirely different, then feel free to add your reasons.
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