Well, not quite. And a lot of what Japan thought/hoped would happen largely did not.
To them the GEACPS was to be a form of "Pan-Asian Cooperation", where the nations "liberated" from "European Oppression" would flock to Japan, and see them as the saviors and form a new group of nations under their leadership.
However, for a great many reasons (including the penchant of Japan for brutality) that never happened.
As far as America "suing for peace", that was also never really expected. But they hoped that they could knock them out for long enough so that by the time they could react Japan would have already secured their holdings.
In theory, it was a sound plan. However what they did not expect was that most of the "liberation territories" did not see them as "saviors", but even more brutal oppressors than even the Europeans were. Specifically the Philippines and US-UK occupied China. Which were already well on the way to independence, only to see themselves have all of the rights and powers stripped away and turned into essentially "slave territories".
And while many did rightfully fear the industrial might of the US (Admiral Yamamoto in particular), the Army did not get that at all and pushed the nation into a war it could not win. They could have gotten the resources they needed to continue, but not fast enough to replace what they had lost from the US. Then add in the fact that they then would have had to provide both the refining of the raw materials into ready to use resources, and then the transportation back to Japan to make use of them. Something the US was already providing.
The US was not sending "Iron Ore", but already processed steel ready to be smelted into a final form. Not "raw crude", but often partially or fully refined petroleum that needed little to no additional refining. As well as the transportation from the US to Japan. That was a large part that Japan simply did not consider. And why one of their biggest problems as the war continued was the huge logistical challenge that they never could solve.