JAP is both an acronym for Jewish American Princess and a racist slur for people of Japanese descent. The stereotype of the Jewish American Princess is, in some ways, no less damning. The character Cher Horowitz in the movie "Clueless" is the prototype of a JAP: rich, spoiled, shopaholic. While most princesses are enviable--regal, wealthy, and (at least in fairy tales) beautiful--the JAP is considered a far cry from traditional nobility.
While the exact origins of the term are unclear, the term "JAP" appeared sometime during the post-World War II period. Acceptance of and success within the American Jewish community was growing. The open anti-Semitism in the days before the Holocaust had gone underground. Immigrants and their children were beginning to experience unparalleled growth. There was something uncomfortable about Jews becoming part of mainstream America. They had been persecuted and marginalized for so long that acceptance was not exactly smooth. Perhaps it was this unnerving transition that brought about the need for a new anti-Semitic stereotype.
Epitomized by the title character of 1958's "Marjorie Morningstar" and Brenda Patimkin from Philip Roth's novella "Goodbye, Columbus," the stereotypical JAP is the overly-indulged daughter of a upwardly mobile father, looking to give his children all the opportunities he lacked. She's usually the proud owner of a Louis Vuitton bag, pin-straight hair due to a top-of-the-line flattening iron, a keen eye for a bargain, and a new nose courtesy of Dr. 90210.
JAP is the little slur that could. Since its entrance into the lexicon, JAP has spawned a new generation of terms devoted to taking women down a notch. JAP has been popularized to such an extent that it's even making appearances in unexpected places. Claire Danes' character, Sookie Saperstein, in "Igby Goes Down" scoffs at being called a JAP and Frank Zappa wrote a song called "Jewish Princess." In the '90s, there was even a movie made called "B.A.P.S." starring Halle Berry as a Black American Princess.