In the words of Eric Grove, "The Great Anglo-American War of 1928." Following the First World War there was a naval arms race between the world's three premier sea powers, Britain, America, and Japan, with each seeing the other as a potential rival for dominance on the oceans. Among military leaders and contingency planners an almost 'quasi Cold-War' mindset had taken root.
Grove credits the Washington Naval Treaty with capping the arms race, thus preventing a catastrophic economic meltdown and potential flash point for war.