A few observations:
China is much better like this; it stops Japan just breezing across it to attack Russia. I would also make IM and Szechuan mountains.
Hopei should really be Japanese controlled by 1939.
Unless I’m confusing it for somewhere else, Almaty is down in the south-east of Kazakhstan.
I would question the addition of Atlantic islands when this ocean is so small and easily crossed in a turn.
(You knew this was coming) but R de O really IS in the wrong place. Placing it correctly also means that you have a western sahara territory that is passable (Algeria-RdeO-FWA), but ONLY at the cost of violating Spanish neutrality, which gives the place some meaning at last.
Here’s the biggie: MOSCOW
With the German/Soviet border much further west I have to say that the AAR placement of Moscow looks even more absurd. I know you want to retain the fundamental structure of AAR, but the main reason for placing Moscow in the Urals is lost on a map of this date, so please consider:
Placing Moscow in the West Russia territory
Renaming “Russia” as Urals
Readjusting the IPC income accordingly, i.e. West Russia 8, Urals 2
You could even divide “Urals” north/south with the southern rump becoming “East Russia”
Otherwise, it’s going to be awfully difficult for the Germans to get that far, especially since they start on such a relatively low income base. Of course it puts Moscow 1 space further from Japan, and with the new China the Japanese aren’t going to threaten Moscow for a while; but then this should open up less predicatable (and more historical?) strategies for Japan anyway.