The discovery leaves just one person unaccounted for, the diving instructor on the trip, Shoko Takahashi.
The ordeal began Friday when the party of seven set out for a dive near Nusa Lembongan, an islet known for its stunning coral reefs and clear underwater visibility, but also for strong currents that have prompted local officials to ask diving companies not to take untrained tourists to the area, the Wall Street Journal said.
Five other women were rescued Monday after spending four days in the water having suffered dehydration and severe sunburns.
The deceased woman was identified as Ritsuka Miyata, a Japanese tourist visiting the Indonesian island. Her body was discovered floating near a beach some 20 miles from where the others were rescued, Kyodo News reported. Her body had been badly disfigured after spending so much time in the water and family had to identify her from her wedding ring.
The five surviving women are said to be in improving health at a hospital after receiving treatment for first-degree burns suffered while floating in the water.