**Underlying Holdings Performance**: SODJ.F's price directly reflects the performance of the Japanese stocks it holds. Strong performance of these companies drives the ETF price up, while poor performance leads to a decrease.

**Japanese Economic Conditions**: Japan's overall economic health significantly impacts the profitability and growth prospects of its companies, influencing investor sentiment towards Japanese equities and, subsequently, SODJ.F.

**Global Market Sentiment**: Broad market trends and investor risk appetite affect demand for equities in general. If investors are risk-averse, they may reduce exposure to foreign markets like Japan, impacting SODJ.F.

**Currency Fluctuations (JPY/EUR)**: As SODJ.F is priced in EUR, fluctuations in the JPY/EUR exchange rate can impact its value. A stronger JPY relative to EUR increases the ETF's price, while a weaker JPY decreases it.

**Supply and Demand for SODJ.F Shares**: The basic principles of supply and demand apply. Higher demand for SODJ.F shares will drive the price up, while increased selling pressure will push it down.

**Interest Rates in Japan**: Changes in Japanese interest rates influence borrowing costs for Japanese companies and investor sentiment towards the Japanese economy, indirectly affecting SODJ.F.

**Political and Regulatory Factors**: Political stability and regulatory changes in Japan can affect the business environment and investor confidence, potentially impacting SODJ.F's price.

**Dividend Yield**: SODJ.F distributes dividends based on the dividends paid by its underlying holdings. A higher dividend yield can attract investors, increasing demand and potentially raising the price.

**Expense Ratio**: While not a direct price driver, a higher expense ratio can make SODJ.F less attractive compared to similar ETFs with lower fees, potentially affecting demand and long-term performance.

**Tracking Error**: How closely SODJ.F tracks its underlying index can affect its appeal. A larger tracking error might deter investors, impacting demand and the ETF's price.