I think with all the tech weapons at their disposal Japan would be able to wipe out China in the first 3 rounds and be in a good position to attack down into Burma. Also, since they would have the cheaper shipyards they would probably have more transports than usual to attack all the British holdings on round 3. Calcutta would probably fall round 4 or 5.
Germany and Italy would have a fun time punishing Britain. They might even be able to pull off a round 3 Sealion and still be ready to confront Russia and the US. Although the Luftwaffe might suffer some from Britain having Radar. I can’t count the number of times I have rolled for AA and gotten a bunch of 2s.
I think with a victory city game, it would definitely be an Axis win. If you didn’t use victory cities and played until one side or the other gave up, the Allies might be able to pull out a win over time.