Why Japan made limited use of commerce raiding

Why was Japanese commerce raiding comparatively limited in the Second World War?

It could be effective, but Japan had capable cruisers and major fleet commitments, making commerce raiding a sign that other strategic priorities had gone badly wrong.

The Japanese Navy could support raiders and had the cruisers to conduct such operations. When employed, Japanese commerce raiding could therefore be effective rather than merely improvised. The constraint was opportunity cost: the same cruisers and supporting infrastructure were required for more urgent fleet missions across the Pacific. The strategic question is what larger situation has already gone wrong if those resources are available for commerce raiding.