India is somewhat vulnerable though since some units start with low experince and poor equipment. It will slow going though here since the country has so many bases and he would be facing up terrain issues too.
To me Oz is the most likely target. for several reasons. As where the hammer would fall first, well most likely Darwin since it is hard to supply and he can support his operation with lba bombers after he seizes Timor. (I will go into greater detail below since Q-Ball asked the same question)
I think Perth is total disaster now since these off map bases give new opportunity to the allied player. Allthough it will be nuisance for sure. I'am moving Australian Cavalry units plus some AT weaponry there already.
Remenents: Thank you and welcome. Appreciated. (I think the others will feel the same)
Swenslim: Thank you. This stuff is time consuming so appreciate the words.
Rob: I have been keeping an eye on the pools. Allthough just checked and these monster battles have depleted my infantry reserves. Damn, there were plenty a month ago but those airstrikes, bombardments really do hurt the chinese alot.
I will revamp the whole replacement "system" here when the next turn arrives.
This really is the diffrence between disabled (casulaties) and destroyed category that I have been talking about. A lot of my losses have been in the destroyed category while his losses have disabled ones.
I have some 80 P40E's that I would love to use for AVG. The only BIG problem here is that I don't have +20 000 supplies even at Chungking so I'am unable to upgrade these squadrons! Annoying as ever.
Q-Ball: Thanks! I really appreciated. Your AAR is solid as ever too.
Yeah, "phase 2" has been on my mind a lot lately and here are the the danger zones in my opinion.
1. OZ
Darwin and northern coast is almost impossible to defend so I think he will land here once he completed his missions at Java and Timor area. He might be heading towards Perth too and that is why I'am sending reinforcements in this area. These are already enroute,
Another thing speaking for these landings are the allied fighter pools. He knows I cannot afford to send much into Oz this early. (I know he has calculated this since Dave does his homework)
Japanese annihilated the ANZAC cruisers so he has naval upperhand too. Allthough I have send the ABDA fleet into Oz since they would only get killed near Java and accomplish nothing.
2. New Zealand
An possible target and pretty much the same reasons as above.
Only big diffrence being that it will strech his frontlines even further so that kind of destroys quite a few benefits he would gain here.
3. Midway and Johnston Island
I think he will show up in these bases in some strenght. These bases might not seem important ones but they will give a) buffer zones for his rear areas and b) he can recon and keep some annoying torpedo planes here.
These two are likely targets.
4. Burma
The allied signit is already indicating that he is moving reinforcements here.
The thing he gains from this is to limit my offensive options later on when and if he seizes this country. He will not do this offensive for resources or such.
So I expected to see some divisions here very soon.
5. India
Not likely target but maybe he might try to seized some southern areas here.
If so I think Chittadong and Calcutta areas are most likely ones. I would say that these operations are tied down to how succesfull and swift campaign he executes at Burma.
Another good thing for him here is the fact that he does not need to commit his carriers. This is lba support operational area.
6. Southern Pacific
I expect to see something here. What it is, well hard to say I must admit. This is just an gut feeling I have though.
Another gut feeling is that the KB is parked here somewhere. It is waiting for something to happen since it ain't sailing around Java for sure.
7. Hawaji and Alaska
The least likely targets.
Alaska only gives him pride and some protection on possible B29's later on. Adding these in equation it kind of tells you that this is not worth it.
Hawaji! I know every japanese player would love to capture these islands. Not an high risk target though since I got a lot aircraft on standby and his carriers would suffer a lot of damage.
There are solid naval forces on standby too.
8. China
He is most definately not done with. As said he does his math and notices on how much infantry squads he has destroyed.
At least I expect to see more bomber squadrons deployed here for training purposes etc.
The activity around Changhsa area is intense and I bet it is not an decoy operations ongoing.
This my estimate on the realism and possible targets on the "2nd phase". Keep in mind that these are just well educated guesses and some gut feelings.
We shall see whether none of these were true.
and the replacemenst are all to easily eaten up by the endless less than 100% chinese Divs and Corps. Best to really make sure that they go where needed else its a tiny bit everywhere that does you no good whatsoever. 
