You are referring to a class variable, a static member. Class variables do not exist per instance, but only once per object (See Chapter 8.3.1.1 (static Fields).
The Java Language Specification specifies in Chapter 15.11.1 (Field Access Using a Primary):
If the field is static:
The Primary expression is evaluated, and the result is discarded. If evaluation of the Primary expression
completes abruptly, the field access expression completes abruptly for the same reason.
If the field is final, then the result is the value of the specified class variable in the class or interface that is the type of the Primary expression.
If the field is not final, then the result is a variable, namely, the specified class variable in the class that is the type of the Primary expression.
So, for static fields, the value of the primary expression (in your example system) is discarded. The null value is simply ignored, because the compiler only needs to know the type (the class) in order to access the class variable (the static member).