The problem AIUI is that there is no oil in Siberia extractable with 1940 technology. Going to war properly with the USSR will only exacerbate that problem for Japan.
Plus, basically, the US sees Japan as a major strategic competitor, mostly for Chinese commerce, while it sees the USSR as a customer of Lend-Lease. FDR will not permit Japan to be successful here.
It's a tossup -
1) Japan gets crushed by the Red Army, as they have an indifferent light infantry force with not enough armor (which is of low quality) inadequate artillery and woeful antitank weaponry, compared to an indifferent part-motorized force with quite a lot of armor (even if the Far East has second-rate tanks, they are still better than the Japanese ones), with plentiful support arms. Japan loses Korea and lots of Manchukuo, maybe as Soviet client states, maybe as new SSRs in the Union.
2) Japan doesn't get crushed by the Red Army, but runs out of gas when the USSR's Lendor/Lessor the USA, along with the Dutch government-in-exile embargos Japanese oil imports, then ends up with a peace deal remarkably similar to that above.
3) As 2), but Japan tries to guarantee oil by invading the DEI. Britain declares war in support of the Dutch. The British and Dutch get the worst of things for a while until the Japanese run out of, well, everything really, and collapse, losing the above plus Taiwan.
4) As 2, but the Japanese tries to avoid the threat to the supply lines to the DEI by attacking Singapore and Malaya as well. The US does Lend-Lease things like giving the Dutch all of the obsolete aircraft the US is replacing (Buffaloes and P-36s, that sort of thing) and runs convoys into the South China Sea with a "nyah-nyah-nyah, you can't touch me" kind of attitude waiting for a
casus belli to turn up, supporting them with air patrols out of the Philippines. This continues until the Japanese run out of fuel as above, or the US finishes building all those carriers the Vinson-Walsh act funded and then says one of its destroyers was fired on by Japanese naval forces somewhere like, oh, I dunno, maybe the Gulf of Tonkin

and declares war.
5) As 2), only the Japanese try some sort of pre-emptive strike to secure their supply lines to the DEI from US interference, maybe by knocking out some forward-based elements of the US Pacific Fleet...
On the Chinese front, Chiang will stop fighting the Japanese when they are off the Chinese mainland. Not very hard, because there are other things on his mind, but neither Chiang nor Mao are going to accept a peace - particularly when Japan is busy losing to the Soviets on land (and possibly to ABDA at sea).