Why do you think the Japanese stock market, as shown in Table 12.3, has not correlated to other markets?

Table 12.3

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DOWJ USA AORD Australia DOWJ AORD USA 1 0.73 Nikkei Japan CAC 40 France DAX Germany BVSP Brazil IPC Mexico Hang Seng Hong Kong SSEC Shanghai KOSPI Korea |074 FTSE 100 UK 0.78 STI 0.78 Singapore 0.60 0.28 0.93 0.51 0.78 0.76 0.48 Australia Japan 1.00 0.47 0.27 0.70 0.78 0.79 0.86 0.70 Nikkei CAC 40 DAX France Germany 0.82 0.62 0.88 1.00 0.81 0.67 0.00 0.17 0.39 0.32 0.19 0.74 0.40 1.00 0.44 -0.13 -0.12 0.22 0.27 -0.07 0.67 0.21 1.00 0.54 0.76 0.82 0.58 0.73 0.87 0.81 BVSP IPC Brazil Mexico 1.00 0.89 0.88 0.65 0.92 0.40 0.86 1.00 0.88 0.57 0.97 0.54 0.89 Hang Seng SSEC Hong Kong Shanghai 1.00 0.77 0.91 0.70 0.96 1.00 0.61 0.45 0.69 KOSPI | FTSE Korea 100 UK 1.00 0.55 0.92 1.00 0.75 STI Singapore 1