In the Age of Sail, Europeans did not view east and south Asians as inferior, but as different, geographically remote and outside their cultural community. African, North and South American, and Australian natives were obviously "inferior", being profoundly backwards in technology and social organization. (Mesoamericans fell somewhere between, behind technologically and having some horrible customs, but clearly near-peers in social organization. It is worth noting that there is a Spanish noble house who trace descent from Montezuma.)
One might compare this to the Chinese position of the period: China is civilization, all others are "barbarians".
Japan was in an odd position: self-sufficient and equal, but very aware of the "great" civilization next door, from which Japan had taken much, including religion (Buddhism), philosophy (Confucian classicism), and even writing (kanji). (Ancient Rome had a similar status for Europeans, except that it was long-fallen.)
As the Age of Sail passed into the Industrial Age, Europe leaped ahead in technology: that advantage converted maritime dominance into territorial dominance. At the same time, democratic and egalitarian ideals took hold. The obvious contradiction between those ideals and white political supremacy had to be explained away: that was the origin of race ideology, both casual and "scientific". Then as white advantages passed away, the dominance also fell.
So: TTL will be very different, because Japan will contest and disrupt what was OTL near-total maritime dominance from a very early point. At no time will Europeans ever make a Chinese-like distinction between them and all others. That will have consequences for other regions.