When building environments with PeopleTools 8.53 & 8.54 everything will be going along tickety boo and it will go to encrypt the passwords and bam:

Error: Process aborted. Possibly due to JVM is not available or missing java class or empty password.

Well, isn’t that interesting.  The PeopleTools 8.53 and 8.54 have a new SALT component to its passwords and clearly uses the Java to do the encryption.  Add %PS_HOME%\jre\bin to the beginning of the PATH variable and re-run data mover and try the encryption of the passwords again.