Without Washington, the naval race settles into recurring small batches

What is a plausible capital-ship race if the Washington Naval Treaty never occurs?

A continuing qualitative race in small recurring batches, with Britain and America building roughly twice Japan's rate.

The United States might initially finish the ships already on the slips and pause additional orders. Japan could continue until the Great Kanto earthquake disrupted its program, while Britain maintained construction at a slower pace. Over time, however, the contest would settle into a qualitative rhythm rather than end. Britain and America could order roughly four capital ships across each three-year period, with Japan building perhaps two while all three watched the next design generation.