Could the Japanese player suffer anti-aircraft losses under the Midway reduction rules?
Historically, Midway had both fighter defense (although mostly older fighters) and anti-aircraft, both of which inflicted some losses on the Japanese.

Midway-based Marine fighters led by Major Floyd B. Parks, which included six F4Fs and 20 F2As,[64] intercepted the Japanese and suffered heavy losses, though they managed to destroy four B5Ns, as well as a single A6M. Within the first few minutes, two F4Fs and 13 F2As were destroyed, while most of the surviving U.S. planes were damaged, with only two remaining airworthy. American anti-aircraft fire was intense and accurate, destroying three additional Japanese aircraft and damaging many more.

(Source: Wikipedia)
(And they also had bombers that did attack the Japanese fleet, and after the first attack, would still have been able to fly bombers from Hawaii to hit any ships that tried to do seaborne gun assault though I'm not aware of any way the game models that part.)