Even if the Japanese achieve their objectives in Timor and Java, the forces they commit are going to bleed heavily by the time things are done. Looking at objectives going forward, no Midway obviously, especially since the US still holds Wake Island and is actually starting to stage limited offensive strikes from there. The Aleutians campaign will more then likely not take place. OTL, that theater was actually probably a bigger drane on US resources then it was for the Japanese. The Japanese took more casualties overall, but it did tie up a larger number of US and Canadian units that could have been used elsewhere. The Solomons Campaign has likely been butterflied away by now. The US has hit Rabaul twice with multi carrier strikes, doing significant damage each time. Plus the mounting losses to Japanese cruisers and destroyers isn't helping. Despite a couple of carrier battles and battleship actions, OTL that theater was mainly known for numerous cruiser and destroyer engagements. The Japanese may not have enough for sustained operations. Looking at current operations, Somerville and other Allied units can't stop Nagumo or the Japanese fleet. But they can bleed it, grind different units down, force the Japanese to either reorganize or go into future operations with a less then ideal setup. Nagumo's carriers, as an example, are probably going to have to return to Japan after this operation. Even if none of the carriers get so much as a scratch, this is probably going to wear down the aircraft squadrons. This is also going to buy time for Nimitz to build up his fleet. He has five carriers available, a sixth that will be repaired soon from an early war torpedo hit, plus their is also the possibility of USS Wasp coming from the Atlantic if need be. A number of light and escort carriers are also going to be joining the fleet soon, if one or two haven't already been commissioned a month or two sooner then OTL.