Yes, but that situation is extremely unlikely in out-of-box Global 1940 games.
The Japanese should have no problem grabbing Malaya and the Dutch East Indies.
The situation is different if you’re playing with a bid, but even so there are probably better uses of that money. No matter what ANZAC does, they’ll always be subordinated to or have to cooperate with the other Allies in some way, and it doesn’t really matter whether they’re cooperating in Europe or in the Pacific. The 12 IPCs need for a minor industrial complex would be better used building 2 submarines.
The only situation where a minor industrial complex in Brazil would work is if the Allies are preparing to attack the strict neutrals and the Americans were too busy to deal with South America.