That's an interesting topic.
To point a best strategy for Imperial Japan, take a look at its rivals:
1, US, never touch US. Prevent a war against US at any cost. If have to fight US, let it attack first, don't anger it, so Japan may hold something in a limited war.
2, UK, even though don't have enough resource nor resolte to defend its assets in Asia, it has one thing: always on the same side with US, vice versa. So, better don't touch it as well.
3, USSR, the two limited pre-war conflict proved IJA not able to fight Red Army on large scale, not even the poor trained Sov-Fin War style Red Army. So don't touch USSR, at least don't before Babarossa.
4, China, seems a much easier target, but besides the take over of Manchuria, the invasion to China is quite "unecnomical". So it is best to stop after took Manchuria in 1931 and don't go to an all out war in China. Manchuria is quite a rich and big place for Japan to chew for a while. And US will not be happy if Japan go into China too much.
But it's not that simple. As the civil war in China goes on, the Nathonalist are proved incureable corrupted and don't stand much chance against Communists. And when Communist take power it will begin industrialization like 1950s in history and prepare to take back Manchuria. And Nathonalist on the other hand, did almost none prepare for a Japan invasion after Manchuria lost, although this period is considered the most stable rule it had.
So the best strategy for Japan is: don't attack the Nathonalist government, but to assist it. The best of Japan is China being kept in civil war, second best is a (somewhat) stable Nathonalist rule, and the Communist rule is worst for Japan.
But still there is a problem: after lost Manchuria in 1931, any alliance with Japan will be political suicide for any Chinese faction. Chinese attitude to Japan was not bad, you can say almost good, in 1910s and 20s before a series of Japan aggressions. Just look at Dr. Sun Yetsun.
5, other minor westen powers: easy targets, as long as don't triger a US interven.
In conclusion, the best strategy for Japan can be altered from history back to 1920s:
1, try to take influence and benefit of Manchuria rather than take the land by brutal force. This is not a must, but would be helpful.
2, don't go to an all out war in China. This is a must.
3, don't fight US/UK/USSR. Also a must.
4, French Vietnam and some other westen colonis are OK.
So the best Japan can get, without end up being under US occupation, is Korea, part of Manchu, and huge infulence or infact control over Vietnam, Indonisia, or so. This may allow Japan to take France's political position post war.