I know they considered it dishonorable and cowardly. I assume the bushido code was a consequence, rather than a cause. Perhaps that's a false assumption. From a technological development point of view, it makes no sense at all. All pre-gunpowder military doctrine evolved around the shield. Greek hoplites, Roman Legions, Persian Immortals, Medieval Knights, all used shields. The Vikings, who had no contact (I presume) with the Europeans before the raids on England had shields. Mayans, Africans, Indians (from India), the Chinese... It seems the technology developed independently in several areas, as well as proliferated through geographic proximity. The Japanese seem to be the only warriors not to use it. Why not?
We've got several threads on this one, enjoy!
The biggest reason European/Mediterranean armies developed large metal shields was to combat the massed arrow volleys that were commonly used.
In Japan however, powerful long-range bows were slower to develop, and thus massed arrow volleys were less of a concern. When they developed something to use in their off-hand, they were more concerned with how to fend off individual swords or pole arms. To this end, sword-catchers and small swords became the preferred off-hand equipment.