The beginning of the end of the war in the Pacific occurred for the Japanese.
The Battle of Midway was the most decisive single naval battle in U.S. history. The battle left two heavy Japanese carriers against four U.S. carriers, and cost the Japanese veteran pilots whose inexperienced replacements would require a full year of training. Furthermore, the Imperial Japanese Navy lost the secret of its Zero fighter, leading to certain improvements of the F6F Hellcat, which would, just a year later, begin to destroy Japanese air supremacy.
The Battle of Midway enabled the U.S. Navy to go onto the offensive. Herein lay the importance of the battle. For this is where I think people are wrong when they say that the loss of the battle would not have been a too important event. If the U.S. had indeed lost all three carriers at Midway there would have been merely three carriers remaining to oppose any Japanese move — none of which was a really good ship. Saratoga was old and slow in maneuvering, Wasp small and with a small complement of planes, and Ranger slow and small as well as ill-protected. None of these carriers could hope to last in a battle with the Japanese carrier fleet which would allow the Japanese to prosecute several goals: construction of airfields on Guadalcanal; invasion of Port Moresby; invasion of New Caledonia; and more. The Battle of Midway reversed this. The Japanese could never again operate offensively, while the Americans could now do so at places of their own choosing.
Two years later, almost to the day, the successful invasion of Europe at Normandy would signal the beginning of the end of Hitler’s regime as well.