Nikkei 225 Performance: AEJ.PA tracks the Nikkei 225, so the index's performance directly impacts the ETF's price. A rising Nikkei generally increases the AEJ.PA price.

Yen/Euro Exchange Rate: Since AEJ.PA is EUR-denominated and the Nikkei 225 is JPY-denominated, fluctuations in the Yen/Euro exchange rate affect returns for Euro investors. A weaker Yen relative to the Euro decreases the price.

Investor Sentiment: General market optimism or pessimism towards Japanese equities influences demand for AEJ.PA. Positive sentiment can drive up the ETF's price; negative sentiment can lower it.

Supply and Demand: Increased buying pressure on AEJ.PA will cause its price to rise, while increased selling pressure will cause it to fall. This is basic supply and demand.

Expense Ratio & Tracking Error: The ETF's expense ratio slightly reduces returns over time. Tracking error, the difference between the ETF's performance and the Nikkei 225's, also impacts price relative to the index.

Dividend Payments: Dividend payouts from the underlying companies in the Nikkei 225, after ETF expenses, are reflected in the AEJ.PA's total return, influencing its price.

Geopolitical Events: Major global or regional events, particularly those impacting Japan or the Eurozone, can affect investor confidence and thus the price of AEJ.PA.