Inflation Expectations: Rising inflation erodes the real value of future fixed payments, decreasing bond prices, while lower inflation boosts bond prices.

Economic Growth: Strong economic growth often leads to higher interest rates, reducing bond prices, whereas slower growth can increase bond prices.

Bank of Japan (BOJ) Policy: The BOJ's monetary policy, especially interest rate decisions and quantitative easing, significantly affects bond yields and prices.

Global Interest Rates: Changes in global interest rates, especially in major economies like the US, can influence Japanese bond yields and prices.

Government Debt Levels: High levels of government debt can increase perceived risk, potentially lowering bond prices due to higher yields.

Market Sentiment: Investor confidence or lack thereof in the Japanese economy and government debt can drive bond prices up or down.

Supply and Demand: Increased supply of JP30Y.GBOND bonds lowers prices, while higher demand increases prices.

Geopolitical Risk: Global events and uncertainties can trigger shifts in investor preferences, impacting demand for safe-haven assets like Japanese bonds.