It sounds like you had a fun first game, maverick_76! It’s not unreasonable to feel like the game is balanced while you’re still learning it; after all, if the imbalances were obvious, they would have caught them during playtesting!
From your description, it sounds like there are two major areas where you could improve your play as the Axis: (1) stockpile the resources you will need to achieve your goals, even if that means letting some of your attacks slow to a halt for a turn or two, and (2) focus on and crush the most important Allied threats, even if that means temporarily ignoring some opportunities in other parts of the board.
You describe Britain pulling troops west from Egypt and the Middle East to harass Italy – but you also say the UK built a factory in India. That means the UK has nothing to reinforce the Indian factory with other than what the UK can build in the factory itself…which means the factory is a huge target for the Axis! You should have been thinking about how you can crush that factory and seize it for yourself at virtually all costs. Instead, you killed every last infantry in China, and occupied a bunch of $1 territories in eastern Russia. That’s fine if Japan has nothing better to do, but the troops you sent up north or into central Asia could have been used against India and gotten you better results. Seizing a British factory is a huge deal. Knocking China down from two infantry to zero infantry is not a huge deal.
You describe running out of troops with Germany, and running out of Japanese men to take over Indonesian territories. That means you need to establish a pipeline ahead of time. Anticipate your losses: how many Axis infantry will die on turn 2? On turn 3? How many infantry will you need to build to replace them? Where will you build them? How will you get them to the front lines? Do you have enough transports to ship them there? Do you have enough factories near the front lines to build them nearby? If not, how will you get some? Germany can often take and hold Leningrad, which is a major source of infantry reinforcements. If you take central Russia but don’t hold Leningrad, Stalingrad, or Moscow, then (much like the real life Germans) you’re vulnerable to attacks from all sides and far away from your supply lines. You need to take and hold either Leningrad or Stalingrad (or both!) early in the game so that you have a way to resupply. For Japan the issue is less about factories (although one new factory can still be useful in French Indochina, Burma, Borneo, or Shanghai) and more about transports and infantry. You need to be building an average of about 4 land units a turn in Tokyo, and you need enough transports to continuously cycle back and forth from Tokyo to Indonesia. That probably means a minimum of 4 living transports in your core sea zones: 2 to return to Tokyo each turn, and 2 to drop off troops in Borneo / East Indies / Indochina. If some of your transports are dying each turn, or moving to far away regions like Persia or Australia, then you need to build new transports to replace them.