For the final interview in our series, we turn to the boardroom. Tracy Gopal, Founder & CEO of Third Arrow Strategies and the Japan Board Diversity Network, reflects on the depth of female leadership talent in Japan that has long existed but often remained unseen. She explains why cognitive diversity is essential for stronger governance and why having women at the table is already beginning to change boardroom conversations.
You have played a leading role in advancing female leadership and board diversity in Japan. What has inspired you most on this journey?
What has inspired me most is uncovering the extraordinary level of talent that has always existed in Japan but historically has not been fully visible. Through the Japan Board Diversity Network (JBDN), we have met hundreds of extraordinary women who are former CEOs, global executives, investors, astronauts, technologists, and governance leaders. Many bring deep international experience and a strong understanding of strategy, risk, and innovation. I have also heard countless stories of women who built remarkable careers despite significant structural barriers. Many were the first female general managers, executive officers, or board directors in their organizations, and they truly paved the way for the next generation.
Why do you believe diverse leadership is essential for stronger governance and long-term value creation?
I fundamentally believe in the power of cognitive diversity. People process information differently and approach problem-solving in different ways. Diversity of thought leads to more robust discussions, more creative solutions, and ultimately stronger decision-making. In a boardroom or leadership team, cognitive diversity helps minimize blind spots and allows organizations to anticipate disruption earlier. This leads to better risk management and more innovative strategic thinking—both of which contribute to long-term value creation. It is also important to note that diversity is not only about gender. It includes differences in skills, experience, background, and perspective. However, the gender imbalance in Japan’s leadership ranks has historically been so significant that addressing it became the critical starting point.
Looking at Japan today, what gives you optimism about the future of women in senior leadership and board roles?
Several developments give me optimism. First, there are visible female leaders in Japan today whose success is changing perceptions about what leadership can look like. Second, most companies now recognize that promoting diversity, including the advancement of women, is an important part of strengthening their organizations. Perhaps most importantly, women are now at the table. While women remain a minority in many executive teams and boardrooms, the number is no longer zero. That shift alone changes the conversations. There are also many organizations from the Japan Board Diversity Network to the 30% Club and Women in Tech that are helping to build momentum. These initiatives provide resources, visibility, and networks that continue to move progress forward.
What message would you share with the next generation of women aspiring to lead in corporate Japan?
Be intentional about your path. Don’t expect your leadership journey to be easy! Rather, seek out opportunities that challenge that stretch your skills, and then accept the challenges that come with those opportunities that are exciting and deeply rewarding. Japan needs your leadership! Find networks, mentors, and communities that will support you every step of the way.
