Nazi-Soviet Cooperation is going to be temporary at best. The alliance holding up into 1943, with the Red Army driving into Madras and the Italian Army pushing into Sudan is believable, but sooner or later its going to crack.
Japan is in the difficult position of finding the Soviets backing Chiang--and the Soviets Aligning with Germany as well. This means that Japan is either isolated or it has to start leaning towards the United States--an extraordinarily awkward move, but one that, given the situation at hand, might happen. Count Japanese entry into the Axis ruled out in this situation; Japan may be neutral, or even allied, in this conflict.
With Japan put in this awkward positioning, perhaps the Anglo-American Alliance can consider containing both powers. Japan's reluctant neutrality, if not a unlikely alliance of its own, is going to be critical to containing Soviet Power in Asia; the UK is likely to hold only its home island on its own, but with help from the United States a Sub-Saharan African Campaign probably leads to an allied Victory.
By 1943, though, Hitler is going to hit the Soviets. And WW2 becomes a Triangle...