Well, the possible US losses (perhaps causing capitulation/negotiation) goes hand in hand with luring the fleet to the warped Mahanian "decisive victory" the IJN sought—their basic overall doctrine in fact. So yeah, that was the point. Lure the fleet out, and destroy them and see if that settles the issue.
They might well have tried to hold Midway, but it would have been a remarkable failure of logistical thinking to even try. It would have been a graveyard for the IJN.
tater
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