Exactly, Jay watches everything, I'm sure he saw how 50 got him thrown off Aftermath etc yet Game still kept coming. So Jay knew he couldn't end Game that way. But Jay was never put in a position where he felt forced to respond. Had Game dropped something on the level of 300 bars he would forced Jays hand. He didn't though, it was weak. (for Game, as he is one of the doper battle rappers in the mainstream) I wish it had popped off. Both them got bars as we know.
But end of the day Game has still kept Jays name in his mouth and I'm sure it bothers him Jay doesn't really ever respond, especially when he knows Jay listening.