I have 2 arms, and 1 leg.
Without me, you must be a woman.
Man with 2 flags calls me U.
With an equal mark, every Japanese loves me.
What am I?
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The letter Y.
I have 2 arms, and 1 leg.
Describes the letter.
Without me, you must be a woman.
Chromosomes - XY is male, XX (without a Y) is female
Man with 2 flags call me U.
A man making a "Y" with their body and two flags is giving the semaphore signal for U.
(Thanks @Eric Tressler in TSL for the brain jog.)
With an equal mark, every Japanese love me.
The letter Y with an equal sign superimposed on it is ¥, the symbol used for Japanese yen (which of course people would love).