Based on the WCDM screen, how can we compar and Japan in terms of overall default risk on theirJapan has over $\backslash (3$ x $\backslash )$ the total debt of Italy, and a worse credit rating, so its default risk should be much higher as supported by its CDS spread differ

Although Japan has over $\backslash (3$ x $\backslash )$ the total debt of ltaly, its cost of borrowing is

$-$ lower than Italy and it has a better credit rating so its credit default risk sh be much lower than ltaly as supported by its CDS spread differential.

Italy has over $\backslash (3$ x $\backslash )$ the totail debt of Japan and it has a better credit rating, so its credit default risk should be much higher as supported by its CDS spread differenti$$l$.$