Reorganization of Japanese naval forces seemed to be completed according to the U.S. Joint Intelligence Committee. Daily summary dated 23 March 1942

An item reported that the reorganization of the Japanese naval forces starting 10 days ago seemed to be completed. There was a large number of reports mentioning dockings and supply arrangements probably pointing out that several warships were repaired, refitted and refreshed with personnel and material. There were at least 2 strong striking forces available, one in the Dutch East Indies and the other near the Bonin Islands both suitable for operations in almost any direction selected by the enemy. The naval forces were divided over:-

-in the Dutch East Indies a defensive patrol force also responsible for escort duties and base defence

-in the Dutch East Indies a strong striking force with apparently her base in the Staring Bay, Celebes [nowadays Sulawesi] and consisting of 2-3 battleships, 3-5 aircraft carriers, 2 divisions of heavy cruisers and further more destroyers and light craft

-two air bombardment groups, one probably based on Timor with as target the northern Australian bases and one based near Manilla with as target the US Army forces stationed on Bataan on the island Luzon, Philippines

-on Penang, Malaysia was a small combined air surface and submarine force stationed to support future operations in the Indian Ocean

-in the Mandates executed the 4^th Fleet defensive tasks and in the New Britain-New Guinea area minor offensive tasks especially establishing bases at Rabaul [New Britain, Papua New Guinea] and Lae [near the Markham River delta, Morobe Province, Papua New Guinea].

-at Cichijima, Bonin Islands was the operations center of the main strength of the Japanese navy organized as a screening force

-off the Japanese coast was the 5th  Fleet position for patrol and escort duties

Source

Map Room Papers (Roosevelt Administration), 1942 - 1945. U.S. Joint Intelligence Committee. Daily summary No. 103 dated 23 March 1942