Normally shortened to "Jap" this girl dresses only in clothing that costs more than it's worth (ex. Abercrombie, uggs, etc.) and is always getting what they want. The Jap is constantly shopping and buying this overpriced clothing, along with a ridiculous amount of Jewelery and expensive, needless crap. The Jap is known for her very annoying, nagging voice.
Other Man: I'm sorry to hear that.
The word is intended to promote a stereotype about young women who have been spoiled by material wealth and overbearing parenting to the point that they are self-absorbed, high-maintenance, materialistic, and snobby. Since the slur reflects a phenomenon that is not limited to Jewish families, it has also been extended to other ethnic groups.
As with all stereotypes, this one is often the basis for a variety of jokes and contrived but humorous scenarios. Its factual basis seems to stem from the rapid rise to affluence of Jewish families that started out in tenements of New York City, moved to residential, urban neighborhoods in the city, and then to suburbs on Long Island, northern New Jersey, Philadelphia and elsewhere in the United States. The notion is that many who are raised in the affluent environments have lost any sense of continuity with their hardworking parents, grandparents, and great-grandparents.
The slur is usually considered offensive both for its sexist and ethnic implications, however, some people self-identify themselves as Jewish American Princesses. Some teenagers use the phrase to describe what clique they belong to, just like a scene kid or goth, or the style and brands of clothing that they wear.
Tucker: I don't know, main place is Syracuse University
Todd: Ehh, don't go there, too many Jewish American Princesses. They grow them spoiled bitches on trees.