Index Performance: MXJ.PA's price closely tracks the MSCI Japan index. If the index rises, the ETF's price typically increases, and vice versa.

Supply and Demand: Higher demand for MXJ.PA can push its price above its net asset value (NAV), while increased selling pressure can cause it to trade at a discount.

Currency Fluctuations: As the ETF holds Japanese stocks, changes in the EUR/JPY exchange rate can affect its price in EUR. A stronger JPY relative to EUR increases the ETF price.

Management Fees and Expenses: The ETF's operating expenses, including management fees, can erode returns over time, potentially impacting its price relative to the underlying index.

Dividend Payments: Dividend distributions from the underlying Japanese stocks are reflected in the ETF's NAV and consequently its price.

Investor Sentiment: Overall market sentiment towards Japanese equities can influence investor demand for MXJ.PA, thereby affecting its price.

Economic Conditions in Japan: Economic indicators like GDP growth, inflation, and interest rates in Japan can impact the performance of Japanese companies and, by extension, the ETF's price.