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In June 1942 the Japanese were dominant in the Pacific. They had achieved all their pre-war military goals by conquering the colonies of the western nations. Their fleet - large, modern, and well led - dominated the Pacific. In particular the Japanese had a huge advantage in fleet carriers, five to two vs. their only real opponent the USA. At Midway, due a freakish set of circumstances, the Japanese lost four carriers plus severe damage to their pool of naval pilots. Despite the losses, the Japanese still had an advantage over the USA in naval power. However, the losses were so severe that the psychological impact was such that Japan never again attempted a major sally against the USA in distant waters ( of course a lot of this may also have been due to oil/fuel shortages in Japan ). Alternatively, the USA was empowered by their victory. They went on to complete the building of the largest fleet in world history ( by the end of the conflict the USA had as much fleet tonnage as the rest of the world's fleets combined ). The USA used this fleet to finish off the military power of the Japanese and continue a military domination of the Pacific that continues to this day. Thus Midway was a turning point not just in WWII but in world history. It meant the end to Japan's plan for Pacific domination and meant instead that the USA would become the dominant power here for a long time.

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Q: What did the winner of the Battle of Midway gain?
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