So, here's the situation:
It's 1944 and you are Japan. You've just lost the South China Sea and access to the NEI and all those resources. The allies have so much LBA there you just can't compete. You still hold the Philippines, Hong Kong, and any other ports around Japan itself, but the allies have landed in the Philippines and perhaps some of the islands bordering your home sea zones. The USSR is moving into Manchuria, the Chinese are advancing, your production is down to single digits and totally focused on land units for the home islands and maybe a few fighters. You will have enough LBA to provide a credible threat around your home islands and the allies don't have enough bases to get their LBA in to contest it strongly enough, although it is only a matter of time. You have a number of white print units scattered around the pacific holding objective hexes. Rabaul has your mountain unit, a mountain div, and a white print garrison for instance.
You still have a fleet left. The last fleet. It's got 5 or 6 fleet carriers. A mix of green and blue and some still are speed 5. The CVPs on the carriers are decent, some zeros and some good bombers. You've got all the speed 5 battleships and most of the strength 5 cruisers, plus some other cruisers. You do have some marines left, but their transports only have 4 move and are all based in the home islands. (Only safe place out of reach of allied air.) You do have a couple of divisions that could do SCS invasions.
But when these ships are sunk, or even damaged they aren't coming back. Any CVPs shot down probably can't be replaced, or else will be replaced with much poorer units.
The allies can easily field two fleets that are stronger than your one. They've got more than a dozen fleet carriers, battleships galore, cruisers, you name it.
What do you do with the Japanese fleet? How do you buy as much time as you can?