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I noticed you wrote this question a while back but was just talking to a friend about this....
There are no IDN's for .co.jp according to my friend who owns a small registrar here in Japan.
Also, in order to get a .co.jp you must have a registered business in Japan.
There are however IDN's for .jp.
I have a few .com Japanese IDN's and they seem to be getting more and more traffic but no sales yet.
I'm sure good names have value.
I'm reading about .jp and .co.jp restrictions on GoDaddy.
Don't you have to be located in Japan or have a company in Japan to actually register a .jp or .co.jp domain?
I see you're there... but if we're in the US, we can't register?
Japanese IDNs historically made the most in terms of parking revenues, mainly because they have more advertisers willing to pay for clicks on the adwords platform. Other languages may have traffic but seldom have the advertisers to match, therefore conversion rate is low and EarningperClick is low as well.
Also, you will find many developed japanese terms in the search engine results, .coms, .nets, .jps, .bizs as well, mainly mini websites for products/services because affiliate marketing is well developed there.