3 Very little is known of Japan's shipbuilding programme. Japan's warship losses to date are not known for certain. A conservative estimate has been applied in the figures in the above table (including Midway and Coral Sea). 12. Morale and standard of training of the Japanese Navy are very high. 13. Japan possesses ample merchant shipping for military and essential trade requirements. She has, however, recently suffered substantial losses and, if these were to continue, lack of shipping might in time restrict her ability to transport large bodies of troops for fresh operations, particularly far afield.