Yup-Boon-Jie is a slur used to describe Japanese in a derogatory way. While all races in Chinese are refered to as a type of ghost/shadow (sub-human), the word for Japanese is unique in that it means child.
The word Yup-Boon-Jie is a racial slur that has been used historically to degrade and dehumanize japanese. The word is still used by some people for this purpose, and it is seen as offensive and hurtful to japanese. If you are unsure about whether or not it is appropriate to use the word Yup-Boon-Jie, it is best to err on the side of caution and avoid using it in any situation.