The study looked at what affects the cost of insuring against Japan defaulting on its debts. They found that global factors like US interest rates and market volatility play a big role, especially during uncertain times. Local factors like Japan's bond yields and stock market performance also have a significant impact, especially when things are unstable. The study shows that these factors have a stronger effect when the market is volatile compared to when it's stable. This research helps us understand what influences Japan's credit risk and can be useful for investors and analysts.