FWIW it looks like the company has known since the ph2 that the Japanese cohort would respond differently to the drug - since they started a ph1 trial in Japan (PK, AE and efficacy) right at the end of the ph2 (as per clinicaltrials.org), and after they had started the ph3.
So I'd say, given the p value, the pre-knowledge, and the knowledge that Japanese can respond differently to cancer treatments... I'd suspect that this is real - but on the downside it implies that it had essentially no effect on the non-Japanese (my guess is that is the primary reason the FDA rejected it). So even if it works as a counter to IO resistance-via-hypoxia it seems risky to suppose it will work in non-Japanese.
BTW - Amusingly the XNCR Analyst Day apparently doubled the stock price of THLD from about 0.35 to about 0.70.
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