Japanese Equity Performance: The primary driver is the performance of Japanese stocks included in the ETF's benchmark index. Upward or downward movements in these stocks directly impact the ETF's net asset value and trading price.

Yen/Euro Exchange Rate: XBJP is priced in Euro while tracking Japanese equities. Fluctuations in the Yen/Euro exchange rate affect the Euro value of the underlying Japanese holdings, impacting the ETF's price.

Investor Sentiment: Overall market sentiment towards Japanese equities and ETFs in general influences demand. Positive sentiment leads to increased buying pressure and potentially higher prices, while negative sentiment can trigger selling.

Supply and Demand: Basic economic principles apply. High demand for XBJP relative to its supply pushes the price up, while an oversupply compared to demand can lower it.

Fund Management Costs: The ETF's expense ratio and other management costs are factored into its net asset value. Higher costs can slightly reduce returns and potentially affect its relative attractiveness.

Tracking Error: The ETF aims to replicate the performance of its benchmark index. Any deviations from this benchmark, known as tracking error, can influence investor confidence and potentially affect the price.