The article looks at how the Bank of Japan's monetary policies affect credit risks. They studied the zero interest rate policy (ZIRP) and quantitative monetary easing policy (QMEP) periods. Both policies lowered 20-year credit risk, with QMEP also lowering 10-year credit risk. Credit risks increased after ZIRP ended but decreased after QMEP ended. The market reacted differently to the announcement of the end of easing monetary policy.