What if Japan built four improved Hosho-type light carriers rather than Ryujo?
Short answerIt is a plausible alternative, especially with air groups tailored to each mission. The small hulls would still face pressure to sacrifice protection and fuel safety, and Britain and the United States would probably respond with their own ships.
NotesHosho was designed and built before the Washington treaty's 10,000-ton threshold. Four improved ships of that type offer a plausible alternative to putting too much into Ryujo. They could combine scouting, fighter support, and a strike role through air groups tailored to the mission. Similar Japanese construction would probably encourage British and American responses. Trying to fit all those roles into small carriers would place heavy pressure on protection and aviation-fuel safety. British carriers provide a contrasting priority, with substantial weight devoted to fuel-handling arrangements.