As I understand it, punching down means one of two things: It's either a reference to deflating dough once it's risen or it's referring to the practice of someone of higher social status abusing or criticizing someone of lower social status. It may be cultural appropriation to take from other cultures, but you're the first I've heard to refer to it as punching down. China, Japan, and Korea are big boys when it comes to creating their own media and even exporting it to other countries. In fact, one of the places they export their culture to is the United States. It's not like we just went in there and took it.
Except, as I said,
with an actual example, Orientalism was and is a thing, and a naughty word thing at that. Yellowface should be
exactly as much of a problem as blackface, and yet Max von Sydow (a wonderful actor) did a yellowface role, Ming the Merciless in
Flash Gordon (a film I love
despite its racism), and the feature film
I Now Pronounce You Chuck & Larry had Rob Schneider as Morris Takechi, including facial prosthesis (a film I don't personally have any feelings about, but which drew a lot of criticism for Schneider's role.)
Asians
in the West are a minority. Yes, on the grand world stage, they are among the "big boys," and it's quite easy for
them to punch down. But
in the US and Europe, they are minority groups, often comparatively small ones (moreso in Europe), and they are often depicted in ways that are pretty friggin' bad. Before the Civil Rights movement, most portrayals of East Asian and Southeast Asian people were either as poorly-educated menial laborers or as sinister enemies to be opposed. After, the portrayal has largely switched to their "model minority" status, which has its own share of naughty word, racist faults. (I
could give examples but...well, I'd rather not, y'know?)
And, uh...I hate to break it to you, but in historical fact, we (the United States) DID "[go] in there and [take] it." We did that to Japan not once, but
twice. The Perry Expedition, in 1853-54, used threats of military force to
make Japan end its
sakoku isolation policy and open up trade with the rest of the world, and this "gunboat diplomacy" (directly ordered by President Millard Fillmore, if Perry found that ordinary diplomacy failed) directly led to the rise of "Japanisme." In Japanese, this event is referred to as "the arrival of the Black Ships." Not exactly a ringing endorsement. And then, the second time, the United States
dropped nuclear weapons on two cities and engaged in a military occupation and rebuilding program. So...yeah, in very real senses, we HAVE just gone in there and taken it. More than once.
I think
@Steampunkette probably gave us the most comprehensive reason why a new Asian setting would be unlikely to sell well in some place like Japan.
Certainly; I don't know Japanese day-to-day culture anywhere near well enough to comment on any of that, which is why I haven't. They all sound plausible and apply to things I know to be true, so I have no reason to disagree. But I see those things as separate from considerations about how Westerners should go about telling tales about, or inspired by, Eastern cultures.