[jamaksin]

Or, ... a "negotiated" peace brokered by the US ... then a gradual withdraw to a status quo ante "China incident" ...

That is what Grew told Hull.

The Japanese held the opinion that the FDR administration wanted peace far too long.

[muawiyah]

There's the "official history" that we have in our NEA reviewed text books, and then there's what FDR was really after.

No doubt the various naval force level agreements had served to remove the Brits from an effective position in the Pacific while elevating the Japanese and their American ally to an unassailable supremacy.

The Japanese had a firm position on the Eur-Asian landmass and definitely were positioned to defeat any Soviet incursion into our (and the Japanese) sphere of influence.

Then the Japanese did something very stupid ~ they invaded China ~ which ended up costing them a lot more than they gained, and that was just in the first few months.