Moreover, Yamamoto apparently missed the other implications of the Coral Sea battle: the unexpected appearance of U.S. carriers in exactly the right place and time (due to cryptanalysis) to effectively contest the Japanese, and U.S. Navy carrier aircrews demonstrating sufficient skill and determination to do significant damage to the Japanese carrier forces. These would be repeated at Midway, for the same reason, and as a result, Japan lost four fleet carriers, the core of her naval offensive forces, and thereby lost the strategic initiative in the Pacific War. Parshall and Tully point out that, due to U.S. industrial strength, once Japan lost its numerical superiority in carrier forces as a result of Midway, Japan could never regain it. Parshall and Tully add, "The Battle of the Coral Sea had provided the first hints that the Japanese high-water mark had been reached, but it was the Battle of Midway that put up the sign for all to see."