As far as I recall, institutional racism in western European colonial powers seems to predate extensive interaction with societies in Asia, and typically stems from the colonization of Africa and subsequent slave trade which depended on a dehumanization, initially at the hands of Portugal. There’s a loose argument in this editorial [1], although not the one I’ve seen before.

[1] https://theguardian.com/commentisfree/2015/sep/08/european-r...