Underlying Asset Performance: AEJL.LSE tracks the performance of Japanese equities, so the prices of those equities directly impact the ETF's price.

Supply and Demand: Increased buying pressure drives the price up, while increased selling pressure causes it to fall.

Market Sentiment: Overall investor confidence in the Japanese economy and global markets affects demand for the ETF.

Currency Fluctuations: Changes in the exchange rate between the British pound (where the ETF is traded) and the Japanese yen (where the underlying assets are denominated) influence the price.

Expense Ratio and Trading Costs: The ETF's annual expense ratio and brokerage commissions impact its overall return and attractiveness to investors.

Tracking Error: The ETF's ability to accurately replicate the performance of its benchmark index can affect its price relative to the index.

Index Rebalancing: Changes to the composition of the underlying index can lead to trading activity that temporarily affects the ETF's price.