I'm going to keep directing newbies to these 
links so they'll find the information they need 
AND they won't clog up on this particular message 
board.

Here's a reply I sent to another person before...

The Yahoo! Japan forum can be found here:

http://pub41.ezboard.com/fanimecelsforumfrm3

This forum is better suited for you, since it 
focuses primarily on Yahoo! Japan.  They will 
probably also answer questions you haven't 
thought of yet.

Here is also an FAQ/information page that might 
assist you as well:

http://people.ne.mediaone.net/raiser/drac/YahooInf
o.html

And please understand that I'm not trying to give 
you the run-around; visit these links and they 
WILL HELP YOU.  Regulars on this board try to 
steer newbies to these links so the Animanga 
forum doesn't get too cluttered with YJ questions.

But in a short reply to your question:

As far as I know (and I could be wrong), yes, the 
maximum bid will work like as on E-Bay so long as 
everyone else bids well enough below it,

HOWEVER...

Like Yahoo! USA, an YJ auction will be extended 
if there is any last-minute bidding, so placing a 
maximum bid is not as effective a feature as it 
is on E-Bay.  For this reason, some would prefer 
to make straight bids (rather than automatic bids 
like you're referring to) as an auction nears its 
close.

I could be wrong, but I'm pretty sure this is how 
it works.