Currency Fluctuations: HEDJ.MX tracks Japanese equities but trades in Mexican pesos. Fluctuations in the JPY/MXN exchange rate directly impact the fund's price.

Performance of Japanese Equities: As a fund designed to mirror the returns of Japanese dividend-paying companies, the overall performance of the Japanese stock market is a key price driver.

Dividend Payments: The ETF's yield depends on dividend payouts from the underlying Japanese companies, affecting investor demand and consequently the ETF price.

Interest Rates: Changes in interest rates in Japan and Mexico can influence investor sentiment and capital flows, impacting the fund's attractiveness.

Market Sentiment: Overall investor confidence and risk appetite towards Japanese equities and emerging markets like Mexico affect demand and trading volume.

Economic Data: Japanese and Mexican economic indicators such as GDP growth, inflation, and unemployment figures influence investor perceptions of the fund's prospects.