From the global stock market top in late 2007 through the deep plunge in the fall of 2008 and the central-bank-induced recovery ever since, Japan's Nikkei Average lags badly. It still hasn't regained the minor peak in April 2010, when the average was above 11,000.
German DAX and US S&P500 are within 10% of all-time high, Hong Kong's Hang Seng Index and Singapore's Strait Times Index are within 20%.
Chart created using stockcharts.com's free chart tool (click to enlarge):
Now, the same indices from the global market bottom (except for Shanghai Composite, which bottomed in October 2008) of March 6, 2009. Nikkei's gain is less than 50%, while all the other indices have gained 95% (Hang Seng) to over 115% (S&P500). Strait Times Index and DAX have also gained more than 110%.
Nikkei is down 220 points today, a clear disappointment that unlimited, open-ended quantitative easing doesn't start right away as Japanese yen was bought.