Conslaw
Senior Airman
No, the defense of island strongholds would depend on fast carrier forces to attack the invading armada.
Of course not, with their carrier forces intact and ours gone, they would be able to interdict supplies to Australia, take New Guinea, neutralize Hawaii, and push our forward bases back to California. A few strategically placed bombs on the Gatun Locks would make interocean transfers into lengthy hazardous endeavors. This makes submarine ops against the Empire's shipping problematical, and where you going to launch your B29s from now? With the Japanese in Dutch Harbor, Alaska is out, and China was always a shaky proposition, especially if the Japanese get themselves established on the Indian subcontinent.
With their empire secure, and their supplies of raw materials unthreatened, the Japanese could concentrate on producing the next generation of ships and aircraft to make our fight back even more of a challenge.
Perhaps, with Yamamoto still alive, they might even recognize the need for the philosophical change from a war of blitzkrieg conquest to a war of attrition, and make the necessary changes in strategy, logistics, and training to bring it about. OTOH, with their cultural affinity for the "single decisive blow" fighting style of the Samurai, that might be too radical a change in a highly conservative society and culture.
Cheers,
Wes
Even after a successful Midway campaign, the Combined Fleet would have needed to go back to the home islands for rest, resupply and rehabilitation. The IJN would not have had the fuel for a full-fleet sortee through the end of summer 1942. Assuming Japan actually successfully invaded and took Midway, Japan would have had to make a choice to reinforce and defend Midway or make a Southern assault toward Australia. They wouldn't have been able to do both at the same time. What part of Australia would Japan try to take? It is a huge country/continent.