Oh gosh, that's hard. I think Germany would win out after a couple years, simply because they could manufacture a massive navy, get the nuclear bomb, and kick ass with their tanks. Japan, on the other hand, wouldn't have the manufacturing prowess of Germany. Nor would they have the technology.
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I'd say Germany. So much technology for that time period.. -Superior aircraft and pilots -Better tanks -Wolfpacks would have decimated the Imperial Navy. -The terror weapons program -If all else failed, they were in development of nuclear weaponry.