On the contrary, being Asian myself, I would find that hilarious.
I don't have squinted eyes, however, so I can't say that for everybody. There's always someone who will take it to heart.
You can converse about:
How Chinese own laundromats
How Chinese can whoop your sorry *** at kung fu
How Chinese are amazing at math
How Chinese can't drive
How Chinese can take your car that's broken down in the middle of the road and turn it into an airplane
How Japanese are perpetually horny
How Japanese are obsessed with anime/manga/anything in general that involves hentai
How Asians have small wangs
How Asians revolve around Pokemon/Yu-Gi-Oh/Digimon/any other TV show that now sells cards