Don't think so. Technically speaking racism is strictly prejudice based on racial, biological theories. This is prejudice based on history. Imperial Japan was part of the 8 Nation alliance, defeated China in the Sino-Japanese Wars, in WWII, etc. It's just easier to figure out if you're a white businessman than a Japanese businessman. Looks are a part of it, but their reasoning is all historical. Unlike say, segregation in the 60s USA -- black < white simply because they're black. So, maybe it's sort of like racism, but if you want to be technical, it's some other kind of prejudice. I'd say xenophobia is a better term.