AHC: Anglo-Japanese war in late 30s

I'm wondering what would happen if ww2 started between britain and japan.
So, with a post 1919 divergence have a british-japanese war starting in 1936/37 while having both Hitler and Stalin in power. Additionally, how would the second world war play out?
 
The British Empire is not in the best situation economically, but Japan is going to be MUCH weaker militarily in 1936 or '37 than they are in '41. The UK will have a clear cut advantage but won't be willing to commit the bulk of its navy to a pacific war whereas Japan will feel that it has to.

I imagine the British being eager to make terms so long as they do not lose any territory. The British of this era are NOT going to yield any territory to the Japanese.

Could it be an issue involving China? Perhaps the Japanese demand the British stop supporting China and withdraw completely? That seems awfully extreme but the Japanese weren't exactly the most reasonable people to deal with.
 
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