Fund Holdings Performance: PQJL's price heavily depends on how its underlying Japanese large-cap stocks perform. Strong performance boosts the ETF's value, while poor performance decreases it.

Japanese Market Sentiment: Overall investor confidence in the Japanese stock market directly influences demand for PQJL. Positive sentiment increases demand and price.

Currency Exchange Rates: Fluctuations in the USD/JPY exchange rate affect the ETF's price when viewed in USD. A weaker Yen reduces USD value.

Interest Rates: Changes in Japanese and US interest rates can impact market sentiment and investment flows, indirectly affecting PQJL's price. Higher rates can draw away investment.

Economic Data: Japanese economic indicators (GDP growth, inflation, unemployment) influence investor perceptions of Japanese companies and subsequently affect PQJL.

Geopolitical Events: Global and regional events can impact investor risk appetite and market sentiment, affecting investments like PQJL.

ETF Supply and Demand: Basic supply and demand forces for the ETF itself influence its price. Higher demand and limited supply can drive up the price.