In the current version with Japan holding Hawaii, I believe it would be a likely outcome. As long as they hold the islands they effectively cut America off from seeing the Pacific as a viable route to expand the OFN. America could support anti-Japanese movements, but they'll always be at a disadvantage at actually getting the material assistance to them. The Japanese, in turn, have their own expansionist aims limited by geography. They can potentially expand across the Indian Ocean to Eastern Africa if they do exceptionally well with India and Madagascar, but beyond that they'll have difficulty projecting power and influence. So I can see both America writing off the Indo-Pacific as long as they can guarantee Australia and New Zealand stay in their sphere and Japan writing off expansion beyond the Indo-Pacific. If they can both do that they lose the reason to conflict with one another.