Recently, a new transaural sound reproduction system, referred to as a ``stereo dipole'' (SD) reproduction system, has been proposed, in which a closely spaced pair of loudspeakers is located in front of a listener. Theoretical investigation was carried out by computer simulations and it was reported that the SD system would be capable of providing a relatively large equalized area to the listener and robustness with respect to a listener's head movement compared with those given by the standard loudspeaker arrangements. This paper deals with a subjective investigation of the SD system. It is known that the ordinary transaural system has a disadvantage in the quality of reproduced sound; that is, the reproduction of unnatural and antiphase virtual sound from the psychoacoustic point of view. Therefore, subjective listening tests were carried out, which aimed to compare the SD system with the ordinary system. The significance of the SD system on reproduced sound perception is suggested.