GrauGeist
Generalfeldmarschall zur Luftschiff Abteilung
By war's end, the USN had 28 carriers (CV) and 71 escort carriers (CVE) - a huge jump from 8 carriers (CV) at the start of the war. So as the USN started to put their carriers into service, the Japanese started to lose their air superiority. This is not including the USAAF aircraft being transported into the theater, by the way.That's easy to understand: IJN couldn't achieve AND MAINTAIN local air superiority at Midway or Pearl, or later at Guadalcanal. Without that, any island invasion (or other invasion for that matter) is impossible. If the Lex, the Sara, and the Enterprise had been in port on December 7, (and if Kido Butai had been commanded by an aviator admiral rather than a battleship admiral), it would have been a different story. We'd all be speaking Japanese now.
In order for all of us to be "speaking Japanese", Japan would have had to take out the United State's industrial capacity. The majority of shipyards were on the east coast, with smaller shipyards along the west coast. This was simply too much for Japan to accomplish, while maintaining their hold in Asia and the southwest Pacific.
So in the unlikely event they captured the Hawaiian islands (uncluding Midway, Wake, etc.), they have really accomplished nothing, but hyper-extending their supply chain and placed a draw on their total strength.
If they actually bypassed the Hawaiian group and conducted a concerted strike against key west coast targets AND the Panama canal, then perhaps there would have been a chance. And incredibly slim chance, yes, but far more effective than capturing Hawaii.
It should be noted that Australia was supplied by the U.S. via the west coast and Panama canal, also...so not only would a strike at the west coast and canal hamper the U.S. war effort, it would have an impact on Australia's war effort, too.