No as in one time a friend and I got on the bus, and some punks yelled at us that the bus suddenly got nippy. We're not even Japanese damnit.
Edit: Nip as is Nippon. Not sure when the term came to be. Derogatory term used against Japanese in WWII, but maybe pre-dates that when Japanese first opened up it's borders?
Edit 2: Yeah WWII -
http://en.wikipedia.org/wiki/Nip. Even notes the term "Nip in the air" heh.
And actually if you just type in
define: Nip into Google (capital N), it says it's an offensive term:
https://www.google.ca/search?q=urban...=define%3A+Nip