Economic Conditions in Japan: Japan's economic growth, inflation, and unemployment rates significantly influence investor sentiment and corporate profitability, impacting the ETF's underlying holdings.

Currency Fluctuations: Changes in the CAD/JPY exchange rate affect the value of Japanese assets when translated back into Canadian dollars, influencing the ETF's price.

Interest Rate Policies of BOJ: The Bank of Japan's monetary policy, particularly interest rate adjustments, impacts the valuations of Japanese companies and the overall economy.

Performance of Japanese Stock Market: The overall performance of the Japanese stock market, especially the TOPIX index, directly impacts the net asset value and market price of the ZJPN-F.TO ETF.

Geopolitical Events: Global events and geopolitical tensions affecting Japan or the global economy can trigger market volatility and affect the ETF's price.

Investor Sentiment: Overall investor confidence and risk appetite towards Japanese equities impact the demand for and price of the ZJPN-F.TO ETF.

Company-Specific News: News and events related to the individual companies held within the ETF's portfolio can affect their stock prices and, consequently, the ETF's value.

Supply and Demand for the ETF: The forces of supply and demand in the market for the ZJPN-F.TO ETF itself contribute to price fluctuations, separate from the underlying asset value.