Interest Rate Differentials: The difference in interest rates between Japan and Zambia significantly impacts JPYZMW. Higher Zambian rates generally strengthen ZMW.

Economic Performance: Relative economic health of Japan and Zambia. Stronger Zambian growth typically supports ZMW, while Japanese strength boosts JPY, potentially impacting the pair's value.

Political Stability: Political stability in both countries affects investor confidence. Instability in either nation can trigger capital flight, influencing currency values.

Commodity Prices: Zambia's economy relies on copper exports. Rising copper prices tend to strengthen ZMW, influencing the exchange rate against the JPY.

Risk Sentiment: Global risk appetite influences flows to emerging markets like Zambia. Increased risk aversion weakens ZMW against safer currencies like JPY.

Inflation Rates: Relative inflation rates play a key role. Higher inflation in Zambia erodes ZMW value, potentially increasing JPYZMW.

Central Bank Policies: Bank of Japan (BOJ) and Bank of Zambia (BoZ) policies, including quantitative easing or intervention, can greatly impact their respective currencies.

Government Debt Levels: High government debt in either country may weaken its currency. Investors might perceive higher risk associated with holding that currency.