Could the Japanese economy have afforded the capital ships allowed by a 10:10:7 ratio?
Short answerProbably, but only by reducing construction of cruisers and destroyers rather than competing for overall naval supremacy.
NotesThe right to build a larger capital-ship force differs from trying to win an unlimited naval race. On a twenty-ship British and American baseline, a 10:10:7 ratio would permit Japan fourteen capital ships. Japan could probably fund that force, but only by slowing cruiser and destroyer construction. A more prestigious battle fleet might then lack the escorts and scouting forces needed for war.