Asian Gesture: Pulling down one lower eye lid with a fingure. Is this an insult? Serious answers only!!!?

Question

Seen it alot in anime. Seen it happen ONLY between younger asians. Seems to be a Japanese thing more than a Chinense/Tai/Korean/etc. thing. All non asians are referred to as "roundeyes", which in my opinion has a derogatory connotation, but this reference seems to only happen within a group of asians. Asked the question before and I got stupid answers. Please don't be juvenile.

Answer 1

I've seen Italians do it too...pulling down the lower eye lid with the middle finger. It's kind of an f*** you.