I would echo some of kirei's ideas, but there are some exceptions. I'm only somewhat hairy on my chest and stomach (nowhere else thanks <_<), but none of the Japanese women i've known hated it and most even grew to like it. But it was different from what they had been used to.

One thing that I do find somewhat hypocritical is that I have never known a Japanese woman that has shaved or even trimmed her genital area. Not to open up a new can of worms here, but to my taste this is somewhat revolting. If there is a lot of hair down there, it is definitely worse than some guy that has ape-like growth on his back and shoulders. And everytime I broached this subject, they would be genuinely surprised and say that they had never known anyone that did this.

So I guess this cultural difference cuts both ways.