Tokyo lacked the leverage to host the naval treaty talks

Could the interwar naval treaties have been negotiated in Tokyo instead of Washington or London?

No. Japan lacked the political capital needed to make the other naval powers accept Tokyo as the conference venue.

Tokyo was not a realistic host for the main interwar naval negotiations. The answer initially reaches for diplomatic acumen, then corrects the point to political capital: Japan lacked the leverage to make the other powers accept Tokyo as the venue. Negotiating skill alone could not determine where the conference assembled. The venue reflected the balance of diplomatic influence surrounding the treaty system.