I think a great "deal" for Japan, (food/raw materials) but I don't believe the Chinese (any faction) would honor an agreement, or really expect one from Japan to be honored in return.
A tremendous burden off Japan, to get all she wanted from China with words/promises instead of war.
China (Russia too) kept a lot of Japan busy/worried and without that (pair of lead boots) she could have consolidated her initial gains. Perhaps having an upper hand in peace/settlement negotiations.
Japan would still have to be "brutal" in her conquered territories, and would still irritate overflowed Chinese populations in Indonesia/Korea/Indochina.
India (I feel)(as was said), would rather just keep both out. Fighting as necessary.
In China, (for the Japanese) another "quagmire" of who/where the friendly/(deal made) Chinese were, and how to tell the difference.
