The context would be totally different if it were two Japanese people in America. Ditto if it took place in America. Just as a thought experiment, try transposing it to, say, two white hipsters in a black Brooklyn neighborhood, or two gentiles among a bunch of wacky Hasidic Jews, who maybe didn't follow the more vile racist or antisemitic stereotypes, but were still pretty two-dimensional and "talked black" or "acted Jewish."
I think it's pretty obviously racist, but I can still enjoy it. After all, I'm Jewish and I listen to Skrewdriver. Not really. But I have sometimes enjoyed Wagner.
