[Net Asset Value (NAV)]: The NAV reflects the underlying value of NJAN.US's assets, primarily Japanese equities. Market fluctuations in these Japanese stocks directly impact the ETF's NAV.

[Supply and Demand]: Increased buying pressure for NJAN.US generally drives its price up, while increased selling pressure pushes it down. Investor sentiment and market trends influence supply and demand.

[Exchange Rates]: The USD/JPY exchange rate affects NJAN.US since it holds Japanese assets. A stronger Yen boosts the ETF's USD value, while a weaker Yen reduces it.

[Management Fees and Expenses]: NJAN.US's expense ratio and trading costs detract from its returns. Higher fees can slightly lower its price relative to its potential NAV.

[Economic Conditions in Japan]: Overall health of the Japanese economy (GDP growth, inflation, interest rates) significantly influences the performance of the Japanese stocks held by NJAN.US.

[Global Market Sentiment]: Broad market trends and investor risk appetite affect all ETFs, including NJAN.US. Risk-off sentiment can lead to broad selling, while risk-on boosts buying.

[Political and Regulatory Factors]: Changes in Japanese government policies or regulations can impact Japanese companies and thus NJAN.US.