The Nazis are defeated but Japan is still in control of an overseas empire. This is only viable if something like Pearl Harbor doesn't happen and the Nazis remove the Soviet Union as a viable superpower.
One issue is Japan was no where on par with Nazi Germany or the Soviet Union so a Cold War between it and the US would be very lopsided.
If the Japanese could win the battle in China and take India from the British they would be in control of half of mankind and if they figured out how to exploit that resource they could become a replacement for the Soviet Union
Additional information[]
AlternateHistoryHub's What if the Japanese Empire Survived? and What if the Japanese Empire Survived? (Part 2) provides a view into such a world. As does Rising Sun Victorious: An Alternate History of the Pacific War.
References[]
- Weird War II pg 16