I think you have to be aware of why the Anglo-Japanese alliance of 1902 was agreed to and what had changed since then.
Britain's alliance with Japan allowed naval assets to be brought home to counter German threats in the North Sea. After WWI there was no German threat and the alliance became an embarassment. Japan had used it to take a free hand in Asia after 1905 (Rus-Jap War; Korea).
It did not take long to see that Japan was a very expansionist power in Asia. That concerned a number of European powers, Br., Fr., Dutch, and could threaten Australia. That was the concern, not the U.S. Phillipines or China. There were neither substantial trade nor raw materials in any amount in those places.
The continued security and well being of EUROPEAN states and economies, which included colonies at that time, and the security of the trade routes to the Indian Ocean and communications with Australia were the key. Denying the Japanese the raw materials of southeast Asia (due to their aggressive expansion) was a part of it. Japan made its objectives clear very early on. The only possible counter to Japanese power in the western Pacific was a combination of UK and US naval strength. Japan had the third largest "treaty" navy after 1922 naval treaties, all in the west Pacific. The Anglo-Japanese treaty made no sense.
Japan would have moved in spite of the treaty when it was ready. The Japanese never made a declaration of war on any adversary in modern times. China, 1890s; Russia, 1904; China, 1937; US/BR, 1941. It was not their 'modus' and Britain never trusted them anyway. The 1902 treaty had been an expedient.
The war in the Pacific, as the war in Europe, was going to happen regardless of Edwardian niceties like treaties.