Wreckage clearly belonging to a Japanese carrier was found & photographed in the Midway battle-site in May and September 1999. Subsequently, this chunk of wreckage was confirmed to be part of the aircraft carrier KAGA in the spring of 2000 by a research analyst team comprised of the author, Jon Parshall, and David Dickson.
Condition: The fragment is just that, transpiring to be the starboard gun tub of the KAGA, its positive identification on 14 February 2000 was made possible by the landing array arrangement attachment unique to her of the four unlocated Midway carriers. Since it is a fragment, it is of course next to impossible to tell anything of the condition of the main wreck, or even if it is immediately adjacent. However, according to eyewitness testimony in the last hour of KAGA afloat and as she sank, the carrier's hull remained intact, but a good section of all but the aft and forward ends of the hangars and flight deck and side completely blown out and missing. She went down stern first at a very shallow angle, and presumably descended in such a way to the ocean floor. However, as further exploration has been repeatedly postponed due to changing conditions, any further details are purely speculative.
Note: For further details on the 1999 discovery and the 2000 identification process, see:
Identifying (part of) KAGA's wreck