What happened at the Battle of Coral Sea and the Battle of Midway? Why were they important?

The Battle of Coral Sea and the Battle of Midway were key losses for the Japanese Empire during WWII. The Battle of Coral Sea checked the Japanese advance in the South Pacific and saved Australia from possible invasion.  

The Battle of Midway was important because it was the turning point in the Pacific War. Neither side's ships could see each other and the battle was decided by naval airpower—a first in world history. The Japanese lost four aircraft carriers in this battle and hundreds of skilled pilots it could not replace. The United States only lost one carrier and one destroyer in the battle. The United States was beginning to increase its industrial capacity and would quickly have this carrier replaced. Midway Island was the farthest Japanese advance, and from that point in 1942 the Japanese Empire shrank across the Pacific.