What is The Nips?
1.
n. (Can be disparaging) The Japanese.
The term's origin was in World War II, when it was often used by Americans in the context of decrying the perceived treachery, cunning, and craziness of the Japanese.
Joe: "Did you know that in Japan, you can buy a 14-year-old's used panties from a vending machine?"
Bob: "Those crazy
nips ."