In the early 30´s Japan takes Manchuria and in the process the Japanes re-think their strategy. They could advance more into China, but that would PO the west even more, which they don´t want given that fact the USSR is still Enemy No.1. Keeping in mind the last war which they narrowly and very costly won, Japan´s leaders decide that China isn´t worth the risk. So the conquest of China stops and the semi-independent Kwantung Army is reigned in, the Washington Naval Treaty is not renounced, but renewed. German advances for Japan to join the anti-comintern pact are ignored.
In the late 30´s France and the UK confidentially remind Japan of the old Japanese-English Alliance that worked so well in WW1. Japans leader are carefully listening, they do not make any territorial demands, but they want the tariffs for Japanese goods imported into both empires cut and they want it in writing and long term. It is put in writing after September 39, but definitely after the Fall of France.
So on November 11th, 1940 four Japanese and one British CV launch a devastating surprise attack on the port of Traranto. Two waves of dive and torpedo bombers sink or damage all BBs. Most of the cruisers survive … until Ise, Hyuga, Mutsu, Nagato, Barham, Valiant, Warspite, Queen Elizabeth and Malay appear on the horizon and shell the whole port area back and forth. When the battlewagons leave al major ships: six BBs, seven CAs, two CLs and a number of DDs are burning, sunken or capsized wrecks.
Next on the things to do list is a visit to the port of Tripoli –that will resemble a junkyard afterwards- and sending DDs into the Atlantic for ASW, while the large ships return into the Indian Ocean and help the Free French bring home Madagascar.