Pointy-Head is a slur used to describe Asians in a derogatory way. J. W. Pepper says it a number of times in "The Man with the Golden Gun" while speaking to some Asians in Bangkok.
The word Pointy-Head is a racial slur that has been used historically to degrade and dehumanize asians. The word is still used by some people for this purpose, and it is seen as offensive and hurtful to asians. If you are unsure about whether or not it is appropriate to use the word Pointy-Head, it is best to err on the side of caution and avoid using it in any situation.