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Any woman who refuses to have sex for (apparently) no good reason. References the stereotype of Jews as stingy, hoarding and ungenerous...combined with the slang meaning of "ass" (pussy, vagina, stank, cunt, puddin, poontang, et al) the indication is of one stingy with "ass".
She won't give it up - she's an assjew...
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Used as an insult. Preferably towards certain dumbasses (eg WOP and Downy)
"Fuck Downy, you're such an ass-jew!"
"Baha, dumbassed WOP, you're such an ass-jew!"
by connie chung December 03, 2006
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