Could Japanese warships reach British home-water trade routes as Russia's Second Pacific Squadron once reached East Asia?
Short answerNot on comparable terms: canal access, hostile bases, the Falklands route, and Britain's cruiser network would make the voyage far harder.
NotesThe Russian Second Pacific Squadron reached East Asia in 1905 while Britain was aligned with Japan, a diplomatic circumstance Japan could not expect in a war against Britain. The United States was unlikely to allow a hostile Japanese force through the Panama Canal. Sailing around South America would expose it to a British interception force near the Falkland Islands and rapidly reinforced air facilities. Other routes likewise passed through the distributed cruiser network designed to keep Japanese warships away from British Atlantic commerce.