The United States wouldn't have surrendered with Hawaii and Midway falling. By the time Midway was fought, the US had hundreds of ships in production. They were in the war for the long-term. You simply don't sucker punch the United States and expect to get away with it.
If the Japanese honestly thought that the Americans would sue for peace, they thought incorrectly. Before the war, there was some minor German support in America--there was no such support for the Japanese.
Yamamoto was a brilliant comander--part of the reason why the USA risked shooting him down (and thus risking the Japanese finding out about the Americans reading Japanese transmissions) was because Yamamoto was skilled. And he was entirely correct, after six months, the Japanese were pretty much on the defensive for the rest of the war.
The Japanese never had the capability to invade the United States, take the Panama Canal, or even threaten Mainland Alaska/Canada. Even if they had taken Midway and Hawaii, they would not have had this ability. American determination and production put together was more than enough to overcome the Japanese determination and production.
I think I remember hearing that in a movie, possibly "Pearl Harbor".
Laugh! I've never seen Pearl Harbor, but I've heard that it's a horrible movie filled with errors.
A wonderful movie that stayed true to both sides (Japanese and American) is 'Tora! Tora! Tora!'
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