That woman has no nipples. The waterline is not wide enough to hide both nipples and areola. It's as if her doctors forgot to add nipples during reconstructive surgery after having a double mastectomy.
Rule of decency say that you can show breast as long as there's no exposed nipple. (forgot the story, but something about in the past, law forbid nipple showing in public media, so the magazines starts a race of crawling lower and lower, seeing who can expose the most skin until millimeters from the aureola, so they're "close but not crossing the line")
Manga artists, took the liberty and show everything except the nipples :P