Every competent Java programmer knows that you need to use String.equals() to compare a string, rather than == because == checks for reference equality.

When I'm dealing with strings, most of the time I'm checking for value equality rather than reference equality. It seems to me that it would be more intuitive if the language allowed string values to be compared by just using ==.

As a comparison, C#'s == operator checks for value equality for strings. And if you really needed to check for reference equality, you can use String.ReferenceEquals.

Another important point is that Strings are immutable, so there is no harm to be done by allowing this feature.

Is there any particular reason why this isn't implemented in Java?

I guess it's just consistency, or "principle of least astonishment". String is an object, so it would be surprising if was treated differently than other objects.

At the time when Java came out (~1995), merely having something like String was total luxury to most programmers who were accustomed to representing strings as null-terminated arrays. String's behavior is now what it was back then, and that's good; subtly changing the behavior later on could have surprising, undesired effects in working programs.

As a side note, you could use String.intern() to get a canonical (interned) representation of the string, after which comparisons could be made with ==. Interning takes some time, but after that, comparisons will be really fast.

Addition: unlike some answers suggest, it's not about supporting operator overloading. The + operator (concatenation) works on Strings even though Java doesn't support operator overloading; it's simply handled as a special case in the compiler, resolving to StringBuilder.append(). Similarly, == could have been handled as a special case.

Then why astonish with special case + but not with ==? Because, + simply doesn't compile when applied to non-String objects so that's quickly apparent. The different behavior of == would be much less apparent and thus much more astonishing when it hits you.
