Both nations were signatories but left deeply dissatisfied—for different reasons:
Expected territorial gains promised in the secret Treaty of London (1915) (Istria, Dalmatia, Fiume). The Versailles settlement delivered far less, sparking the mutilated victory myth that fueled fascism.
Demanded a racial equality clause in the League of Nations Covenant. Western powers (especially Australia, US) blocked it. Japan saw this as a denial of equal status, feeding militarist nationalism.
Thus, Italy felt betrayed by allies; Japan felt humiliated by racial prejudice.