I've done a little reading on the forums here, and heard some people say that this revised edition is well balanced,
Well, I'd have to say that people agree it's well balanced - if you give the Axis a bid of 7 IPCS to place on the board or keep in their stash. That usually gets you an inf/art in Libya to overpower Egypt, causing the Allies some distress.
Battleships are busted. I mean really, really busted. The western US fleet is absolutely unstoppable, and will wipe the floor with Japan every game, no matter what we've tried as counter-measures.
Meanwhile, UK drops an industrial complex on India and between Russia and Britain, they squeeze Japan off the mainland
There isn't an easy quick way to solve the problem. But let's keep some basic Japanese principles in mind
1) Kill the fleet off of Hawaii if you can, otherwise you're in really deep doodoo.
2) Don't try to offensively take on the US fleet. It is already formidable at the end of US1 defensively. Navy is where the defenders really shine on defense, so be careful.
3) Maintain a fleet of 4 tran to ship units from the mainland
4) Instead of trying to hold all your territories, look for a weakpoint, or if there isn't one, then centralize your units and simply trade territories. For instance, is India as easy to defend as it looks? It really isn't. If you take China on J1 with all your men, on J2 walk those men to F. Indo and offload 4 transports into F. Indo. Suddenly India is staring at massive force of 13-15 inf 1 art 1 arm 6 fig 1 bom 2 bb shots. Realize that India isn't invincible, and it is costly to hold if you are willing to sacrifice the short term.
If you can't beat India, then simply trade territories with it. Mass units in Kwangtung, and make sure to collect the money from F. Indo every turn. From Kwangtung you can trade China, Manchuria, and F. Indo. There's no way you should be getting pushed off the mainland for a while.
Also, don't try to get into a naval game with the US early on. You need to boost your economy first. I wouldn't recommend buying much more navy for the first couple turns.
At some point buy a carrier, and you have a nasty defensive fleet of 2 bb 3 car 6 fig 4 tran 1 dd and maybe 1 sub. That's plain nasty. I would be hesitant to attack that any time soon with the US. For those 16 IPCs spent you have a great defensive navy. They would need a shitload of battleships in order to try to attack that, and a lot of fodder too so their battleships don't die.
There's absolutely nothing the Allies can really do to stop Japan from dropping 8 men every turn for 4-5 turns. Use that to your advantage to increase cash flow in Asia, and push up to Novosibirsk. With Germany hailing in from the West, Russia will dry up fast. Russia can't dump 8 men into north asia every round. And all you need to do then is keep some men in Kwangtung (build a complex there at some point) to trade F. Indo.
And also, don't get your navy trapped. There's no need for that. And please, don't sit there if you think the US can overpower you. At some point your nasty defensive fleet is no longer nasty enough, so at that point, run away towards Africa. Don't let the Americans trash your navy. Let them spend tons of money on navy, and then when they're about to blow their load, whisk the target away. When you run away, it's time to use those excellent 6 fighters on the mainland for pushing and defense.
Meanwhile, Germany can get a solid start against Russia, but it gets bogged down rather quickly, since Russia just buys pure infantry and sits back to defend along the Caucus/Russia line, giving up Archangel and Karelia to solidify itself as a 2 zone front. Germany can't really break into the Middle East, because the line in the Caucus is held by the USSR and any forces sent to Africa get gangbanged by the UK and US. If Germany's initial Med. forces take out the UK battleship by Gibraltar, and the northern fleet heads along the Western Europe coastline, they can shut down the US Eastern transport lane and hold Africa, but doing so costs you resources that could be used to buy tanks to try and wear down the USSR.
Germany has to win the game, because Japan is getting slowly slowly pushed back. So what Germany has to do is take Africa first. Make sure you're doing this. That's what turns Germany into a 50 IPC monster against Russia's income which should be in the teens very soon with the Japanese marching infantry stacks along the north.
I can ramble a lot more but you have any other specific questions?