What if the Allies pushed Germany and Japan back to their borders but neither invaded nor concluded a treaty?
Short answerThe Axis might lack an immediate means to resume expansion, but the Allies would not accept an unresolved war that left the hostile regimes undefeated.
NotesThe scenario leaves Germany and Japan with little immediate ability to restart their offensives. The Allies would still reject it as an acceptable outcome. Driving an enemy home is different from securing the political result for which the war is being fought. The United States would continue until it obtained victory rather than leave the conflict suspended. War termination therefore depends on political aims as well as battlefield position.