Supply and Demand: Greater demand than supply increases price, while the opposite decreases it. Net Asset Value (NAV): SCJ's price should closely track the collective value of its underlying Japanese stocks. Deviations can occur, but arbitrage usually corrects them. Market Sentiment: Overall investor confidence or fear towards Japanese equities directly impacts SCJ's price. Currency Fluctuations: Changes in the Yen/USD exchange rate influence SCJ's price, as the underlying assets are denominated in Yen. Economic Data: Japanese economic indicators (GDP, inflation, employment) affect the performance and outlook of Japanese companies held by the ETF. Interest Rates: Changes in Japanese interest rates can impact corporate earnings and therefore, SCJ's price. Global Events: Geopolitical events or global economic shifts can affect investor risk appetite and impact SCJ. Fund Flows: Large inflows into SCJ can push its price higher, while outflows can exert downward pressure. Sector Performance: The performance of key sectors within the Japanese market will influence SCJ, depending on the ETF's sector allocation. Regulatory Changes: Changes in regulations affecting Japanese companies or the ETF itself can impact its price.