Stereotypes can be racist. In fact most of the more well-known stereotypes are really racist. Yet, I don't think they are racist for not featuring a large amount of races besides white people. However, if you look at the white characters they do have, you'll see that many of them have Asian facial features. Japan does have a weird fascination with Western culture (ganjins) as someone said and this is why they tend to focus on featuring people with blond hair and blue eyes.

They are enamored by the things they don't have naturally. Things that are so different from the way they look. I think part of the reason why the black characters they've featured; i.e. Barret and what's-his-face from FFXIII tend to be so stereotypical is because they don't really have a good perspective of blacks. They live so far away from them that they don't know any better and can only assume this is how many of the black men are. *shrug*