XX MARKS SPOT. Progress in diversity isn’t always linear. While the number of female executives is rising in Japan, investors aren’t yet reaping the rewards. Over five years, the return on invested capital for Topix 500 companies with all male directors was more than a percentage point higher than for those with at least one woman in the boardroom, according to an analysis by CLSA analyst Nicholas Smith. Having more women helped. When at least a quarter of the board is female, returns leap. The study meshes with earlier research suggesting many female voices are needed before benefits become apparent. The numbers could betray a tendency towards tokenism, too. While Japan’s mid-level managers remain somewhat homogenous, companies are looking further afield for new directors. A racing car driver and an astronaut read more have provided the feminine touch at Nissan Motor (7201.T) and Fujitsu (6702.T). Such creative headhunting may tick a box, but is no substitute for cultivating and recruiting the best boardroom candidates. (By Katrina Hamlin) On Twitter http://twitter.com/breakingviews Earlier in Capital Calls: Uber’s vaccine vehicle read more Roblox sees Covid recovery flip side read more AstraZeneca’s pay bung tarnishes its charity read more Carlyle’s political assets read more Bain Capital feasts on food giants’ castoffs read moreLufthansa’s capital raise may not be enough read more