WI: In an Axis Wank, an Italian Japanese war?

My main question is how would the two nations, with 1942 equipment, compare in combat; including industrial support, logistical capability, etc.

I'm not really interested in the how of the wank, but let us say that in the spring of '42, the Axis string of luck continued. The Soviet Union and the British Empire collapsed, and the US took an armistice and retreated behind our giant moats.

The most likely conflict I can see is a Japanese grab on the Iranian Plateau, with a supporting naval campaign between Italian Africa and Japanese India.
 
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