Asparagus with Wasabi-Mayonnaise Dip

3 pounds thin to medium asparagus, trimmed
1 cup mayonnaise
4 teaspoons soy sauce
1 1/2 teaspoons sugar
2 teaspoons fresh lemon juice
2 teaspoons wasabi paste

Blanch asparagus in 2 batches in a large saucepan of boiling salted water, 1 minute. Transfer to a colander and rinse under cold running water to stop cooking. Drain well and pat dry.

Whisk together mayo, soy sauce, lemon juice and wasabi paste until sugar is dissolved.

Serve asparagus with dip.