The 2nd Global/World War has basically ended with everyone except India and Draka losing.
The Rex powers have basically gained nothing except permeant Russian enmity and a glut of war dead, the Rexists have promised glory and failed to deliver, I'll be surprised if they survive without dialling up the Oppression meter to 11 and playing up the "enemy at the gates" card for all it's worth.
Japan has won a hollow victory having gained an Empire at the cost of millions of dead, the military machine it had spent decades building up spent in Pacific and the jungles of Indonesia and New Guinea, her merchant fleet presumably much reduced as a result of the USN's and I guess USCG's submarine efforts and her position and the preeminent Asian power lost. No celebrations in the streets for sure, likely decade + of reconstruction efforts as the Empire looks inwards.
The United States has seen the network of alliances forged in wake of the 1st World War shattered beyond belief with decades of diplomacy thrown to the wayside, New York's position in Asia, the Middle East and Latin America effectively gone. Only Europe has the US maintained some semblance of the pre-war order with its alliance with France and Eire. Furthermore, Central America is proving to be a running sore one that should've never been added to the American Empire during the 1st Global War and one in which the current system of US puppet governors ruling over a disgruntled population seems to be unsustainable without a level of commitment post-war America would be comfortable with. American politics are in for one helluva time.
Russia has basically been reduced to a Drakian client it's survival dependent on and reliant upon Drakian support. Her population has been decimated, her industry wrecked and her armies shattered. Russia's position as a major power broker is gone for a generation.
India has emerged as one of two big winners. Dehli is the premier power in the Indo-Pacific, her armies victorious in Persia and Malaya, her cities intact and her economy likely riding high on a wave of wartime contracts and likely benefiting from considerable investment by Japan in an attempt to build up her ally. Tokyo's (Kyoto?) loss is Dehli's gain for the foreseeable future Dehli will be playing Kingmaker in Southeast Asia. Also, Indian President Krishna Mirchandani has basically accomplished everything he was hoping for and then some. the Hindu-nationalist parties which dominate the government are here to stay. Least they're opposed to the...
Drakians who have done an excellent job of playing the other powers off against each other to their gain. Acquiring Iberia, Eastern Anatolia, Arabia plus Russia as a fairly pliant client has effectively turned the Drakians from a middling Great power to a force capable of taking on any comers. Stoker is likely insufferable by this point and Aurica ain't going nowhere anytime soon. However, thanks to all the Anglo-Indians and other immigrants from the former Raj they aren't going to be seeing eye to eye with Dehli any time soon. I expect to see an arms build-up along the Shatt-al-Arab and the Indian Ocean that would put OTL's Inter-German Border to shame. Also, the Congo Sea is now a thing, the power output from the (Stoker?) Dam is likely a sight to behold, as is the malaria problem that is likely going to result from any places where they failed to clear cut enough vegetation. Maybe this will see the Drakians develop something to kill all mosquitoes given the massively expanded bio-warfare and by extension biological research in the SaBv-verse which is going to be at least 1 major plus for this world.
The direction the ANZAC's take might be interesting, New York has just shown a willingness to throw trusted allies under the bus and (Melbourne? Sydney? Albury?) and (Wellington? Auckland?) are probably considering taking the Scandinavian option and playing both sides against each other. Then again a decade of working together plus spilling blood side by side might make for some bonds that are damn hard to break.