Entirely situational, the Japanese would have a horrible land army and an amazing navy.
The Germans would have an incredible land Army but a poor navy. However the Germans would have jet aircraft (and V2's) and i think that would be enough to easily win.
Edit: Oh yeah U-Boats i am an idiot, those would have massacred the Japanese navy.
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Plus the Germans had hundreds of U-boats.
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Pretty much what I was thinking.