Fund Holdings: The underlying assets of ANRJ.PA, primarily Japanese equities, dictate its price. Stock performance directly impacts the ETF's net asset value (NAV).

Market Sentiment: Overall investor confidence in Japanese markets influences demand for ANRJ.PA. Positive sentiment drives buying pressure, increasing the price.

Currency Fluctuations: Since ANRJ.PA invests in Japanese assets, changes in the EUR/JPY exchange rate affect its EUR-denominated price. A stronger JPY boosts the ETF's value.

Interest Rates: Japanese interest rate policies can affect corporate earnings and overall economic outlook, indirectly influencing the prices of the stocks held within ANRJ.PA.

Economic Data: Key Japanese economic indicators, such as GDP growth, inflation, and employment figures, shape market expectations and impact ANRJ.PA's price.

Fund Flows: Large inflows into ANRJ.PA can increase its price due to higher demand, while outflows can lead to price declines as the fund sells assets to meet redemptions.

Expense Ratio: The ETF's operating costs, reflected in its expense ratio, can indirectly affect its price relative to its benchmark index.

Geopolitical Events: Global events, especially those impacting Japan or the broader Asian region, can create volatility and affect investor sentiment towards ANRJ.PA.

Index Tracking: How closely ANRJ.PA tracks its benchmark index impacts its performance and price. Tracking errors can lead to deviations from the expected value.

Supply and Demand: Basic supply and demand dynamics on the exchange where ANRJ.PA is traded also influence its price, similar to any other publicly traded security.