It's really a question of whether the Axis had a reasonable chance of maintaining Russian and American neutrality, to say the least of actually invading them / their possessions, as they ultimately did.

Although Pearl Harbor and the German invasion of Russia in 1941 show that it wasn't obvious at the time (or at least obvious enough to affect the somewhat blinkered decision-making of Hilter and the Japanese high command), in retrospect once the Americans were in, and the Germans were committed to the vast costs of the Eastern Front against the Russians, defeat was more or less inevitable.

By contrast, in a world of continued Russian and American neutrality, it's quite easy to see the British ultimately agreeing to a peace in which the Germans maintained their western European conquests and the Japanese maintained their Asian and southeast Asian conquests, with the bare minimum of face saving -- Brits get back Hong Kong and Singapore, e.g., but give up Malaysia.