What do the Japanese think of this?

Well, the Japanese I have watched it with immediately notice that Robin Shou is not Japanese, but that is typical for Hollywood to pull the old switcharoo on us when it comes to Asian actors' ethnicities. Besides that, the movie is most degrading to whites if anything I suppose. All the Japanese characters are either dignified (as opposed to Farley) or are bad asses. Chris Farley who is white is the only real buffoon, and Nathaniel Parker who is British is the only real villain. I love this movie though and don't see how anyone could have a problem with it, it is a very good natured movie! As for how Japanese receive it, I showed it to one Japanese woman and she laughed a lot throughout it, and I talked to one Japanese man about it who worked at a restaurant similar to the one in the film. He laughed when I mentioned it, and said that yes he had seen it, so my best guess is he enjoyed it as well. Like you though, I would be very interested to hear from some Japanese on their opinions of it.