I've heard people of Asian descent, and especially people of various East Asian descents, referred to as "yellow." I also still hear such people referred to as "Orientals." In both cases, the speakers were older white Americans. Both usages should be at least as long gone and forgotten as the old TV show that this clip is from, but they're not yet.
I also found this exchange in the comments at YouTube interesting:
m4lvolio (2 days ago)
That asian kid is gonna go brucelee on his [sic] ass after the show.
rathrio (1 day ago)
you're as cliché-oriented as that little girl is.
m4lvolio (1 day ago)
The only difference being that I did it intentionally, as a joke. It kinda ruins the fun when you have to explain something like this.
"Ruins the fun"?
m4lvolio doesn't seem to realize that while acting racist in a joking, ironic manner may seem "fun," it's still racist. Not to mention, as rathrio points out, cliché oriented.
Some still wonder if "yellow" is a racist term. They should ask the Israeli Ambassador to Australia about it. In 2006, Naftali Tamir was "recalled" from his ambassadorship for making this loaded comment:
Israel and Australia are like sisters in Asia. We are in Asia without the characteristics of Asians. We don't have yellow skin and slanted eyes. Asia is basically the yellow race. Australia and Israel are not -- we are basically the white race.
Speaking of quiz shows, here's a quiz for this blog's many smart readers -- why is referring to people in racial terms as "yellow" considered racist, and yet, doing so with the terms "black" or "white" is not considered racist?
h/t: Angry Asian Man; the YouTube commeters write that the program this clip is from was aired in New Zealand in the 1980s, and was called "W3."