The term "rice" has been around a long time and it generally refers to any Japanese vehicle. I remember Harley guys from the early 1970s referring to Honda 750s as "rice burners." Its traditionally been a derogatory term when referring to the vehicle (rice burner, riced out, etc.) and when referring to the person (ricer, rice head, white rice, brown rice, yellow rice, etc.)
With the increased respectability that Japanses cars and racers have achieved the derogatory aspect of the term regarding the vehicle have decreased. Its still a derogatory term when referring to a person.