If the Japanese still try for DEI? I think they can occupy the territory at their peak, but the Allies are positioned to roll them back at their leisure. It will still take the US and UK many months to be able set up full interdiction from DEI to Japan and even more for reconquest of DEI (and they have other priorities), but the US and UK's ability to defend its Far East positions (except Hongkong) improves every day they are not attacked.
In the DEI itself, tactically speaking, the Japanese can get footholds in the nearest parts by launching from Indochina, Hainan and the Mandates, and then leapfrog onto their next DEI objectives. They have the aircraft, landing forces, and surface forces to overrun the islands in a few months in succession by throwing everything they have at it.
They'll have more combat power than the Dutch. The British and Americans can inject some small amounts of combat power into certain local engagements in the DEI, but won't be able to outmatch the Japanese. The Japanese will have to be on guard against Anglo-American forces (more Anglo than American), but the Anglo-American forces in the region will have to also guard their own forces and will be on long tenuous supply lines from the metropole. The fact that the British and American fleets aren't preemptively attacked, sunk or defeated will leave Dutch morale higher than OTL and attempting resistance for longer, but they are going to be losing ground and forces in combat fast with all the Japanese attention they're getting.