i also see both sides but Japan today is NOT Japan of the 1920s-40's. there are like 12 men of military age in the entire nation. i jest but you get the point. there is no way that Japan can wage an imperialist war across Asia the way it did before.
1) They lack the will of the people to do so.
2) Manpower is not there.
3) No Kido Butai dominating the Pacific.
4) U.S. has too many allies and interests in the region for Japan to go ham there.
imo, Japan should triple down on defensive materials that can also be offensive if need be. at the end of the day a jet fighter is a jet fighter. a gun is a gun. how they are intended to be used is another story but i think i made a pretty good case that Japan would not go on the offensive with a beefed up military.