Originally used with Japan and China. It would be odd to invoke the phrase in some situation involving like, Bangladesh I suppose.

>Is the "yellow peril", only Chinese or does it refer to all asians?

I mean, Shou Zi Chew was grilled by Congress for his "links" to the Chinese Communist Party, and made to state that Tiananmen Square 1989 was a massacre despite being born, raised in Singapore, and served the Singapore military.

Thought it might be a quite fitting substitution for yellow press.