ETFs that track American indices are generally very succesful at doing so. An example is Spy5, which has followed S&P 500 very closely since its inception in 2012.
However, any ETF I have found that track the Japanese market lag their respective index significantly in recent years. One example is the Xtrackers Nikkei 225 UCITS ETF, which has "only" increased by 45% in the previous 5 years, compared to the 85% of Nikkei 225 that the ETF is supposed to track.
So my question is, why is it difficult to replicate an index in the Japanese market? Does it have to do with conversions between the Yen and the Euro/USD?