IMHO, the circumstances are completely different.
If for no other reason, China -unlike Japan - recognizes that our retaliatory capability is much more sophisticated than it was in 1941. They well know that just one US 'boomer' could virtually destroy their civilization.
Because their culture adapts very well to long term goals and their system is not held hostage by a flaky electorate, it is in their best interest to inflict death by a thousand cuts.
Your thoughts?
I believe that circumstance is, in essence the same today. Many believe we are soft, with no staying power, and that we will give up after a relatively short bleeding. In the context of world wide conflict where the American people truly become aware of the stakes...they are underestimating us again.
The Chinese will not play to our nuclear strength...if that happens at all it will be through 3rd party surrogates like the terrorists or N. Koprea...though I doubt they will risk N. Korea either...it is too close to them (both physically and in every other way). They are using N. Korea to test our resolve and to gauge our responses and monitoring those responses.
Anyhow, I believe they will continue to manipulate us economically, and that they will continue to forge their own alliances all around the world (as they are doing) until they reach a point of self sufficency and a point where they believe it is time to move overtly. I believe that will only come after they continue to bleed us and then get us involved in a major way in at least two other theaters first. I also believe that with a democratic leadership in power, in congress and the White House, that it could happen in the next ten years. They are building up militarily for that ultimate confrontation now as we speak...but they are not there yet.