The value of the Japanese yen is influenced by a variety of factors including economic indicators, interest rates, political stability, trade balance, oil prices, global economic conditions, market sentiment, central bank policy, commodity prices, geopolitical events and currency speculation. Positive economic indicators and high interest rates can increase demand for the yen while political uncertainty or a decrease in commodity prices can lead to a decrease in demand. Understanding these factors is important for investors looking to trade the yen successfully.