The above, and variations thereof (which differ in how they end), combine nozomu (望む,のぞむ), which is to desire, to want, and tokoro (所、ところ), which simply means place. (This tends to be a figurative place, more often than not.)
That last part is important, just like when I explained in a previous post how “mono” is a tangible thing and “koto” is an intangible thing.
So, a “nozomu tokoro” is a figurative place where you want to be.
Random anime villain: “Fine then! I shall duel you one on one!!”
Random anime hero: “望むところだ！！”
In other words, (figuratively) that’s right where the hero wants to be.
Put a different way, it’s just how the speaker likes it. Or wants it, if you will.
This is a common retort/ rebuttal said in the heat of the moment of a challenge to a duel, or if not a duel, then certainly a fight. (These are not the same thing, but I’ll leave that for another post.)
So, the concept is a “manly” response, and must be understood as such. If spoken by a teenage wannabe hero, it’s spunky. If spoken by a mid-20’s veteran with pride the height of Mt. Everest, it is a verbal throwing down of the gauntlet.
Not that the spunky teenager doesn’t intend it as such, but it tends not to have the same weight.