The importance of the Battle of Midway goes beyond shifting the balance of power and the initiative from the Imperial Japanese Navy to the U.S. Navy. The victory at Midway aided allied strategy worldwide:
That last point needs some explaining. To understand it, begin by putting yourself in the shoes of President Franklin Roosevelt and Prime Minister Winston Churchill at the beginning of May 1942. The military outlook across the world appears very bad for the Allies. The German army is smashing a Soviet offensive to regain Kharkov, and soon will begin a drive to grab the Soviet Union’s oil supplies in the Caucasus. A German and Italian force in North Africa is threatening the Suez Canal. The Japanese have seriously crippled the Pacific Fleet, driven Britain’s Royal Navy out of the Indian Ocean, and threaten to link up with the Germans in the Middle East.
If the Japanese and the Germans do link up, they will cut the British and American supply line through Iran to the Soviet Union, and they may pull the British and French colonies in the Middle East into the Axis orbit. If that happens, Britain may lose control of the Eastern Mediterranean and the Soviet Union may negotiate an armistice with Germany. Even worse, the Chinese, cut off from aid from the United States, may also negotiate a cease-fire with the Japanese. For Churchill, there is the added and dreaded prospect that the Japanese may spark a revolt that will take India from Britain. Something has to be done to stop the Japanese and force them to focus their naval and air forces in the Pacific—away from the Indian Ocean and (possibly) the Arabian Sea.
Midway saves the decision by the Americans and British to focus their major effort against Germany, and the American and British military staffs are free to plan their invasion of North Africa. The U.S. Navy and Marines also begin planning for an operation on Guadalcanal against the Japanese. As Rear Admiral Raymond Spruance—one of the Navy’s carrier task force commanders at Midway—put it after the battle, “We had not been defeated by these superior Japanese forces. Midway to us at the time meant that here is where we start from, here is where we really jump off in a hard, bitter war against the Japanese.” Note his words: “… here is where we start from…” Midway, then, was a turning point, but by no means were the leaders of Japan and Germany ready to throw in the towel.
From Tullock’s American Foreign Affairs:
Coolbert from Military Analysis quotes:
And adds further: