La bataille de la mer de corail

The Japanese lost the 11,000 ton light-carrier Shoho, while the Americans lost the much more valuable Lexington. In addition, each-side had a top-notch CV (Shokaku and Yorktown) damaged. The Japanese had a 3rd carrier, Zuikaku, which was undamaged during the battle. Based on that, the Japanese won the battle, however, their air group was punished heavily. Their carriers were assigned to support the invasion of Port Moresby, and they had suffered a lot of plane losses so that they no longer felt confident they could do this. So, this swings it to an overall draw.

In the end, it would be the Japanese who were hurting more, because the Americans not only had a lot more pilots in reserve, and thus could replace losses more easily, at this point in the war the Japanese Navy had the more experienced pilots. So, losing pilots hurt them more than it hurt the USA. Also, it took nearly 2 months to sail Shokaku back to Japan and repair her, but Yorktown headed for Pearl Harbor and was patched-up and ready for battle (although not fully repaired) in 3 days.

Incidentally, their plane/pilot losses were so heavy that Zuikaku sat out the battle of Midway waiting for replacement pilots. This was a huge mistake since the 5th flight deck would have been invaluable.