No. You have to translate the text manually and put the text in the localization files. (In the example above, the localized text is placed in MyGame.int and MyGame.jpn.) Then the game will automatically choose the text based on which language the game is running in. (You can make the game run in English by running UDK.exe -language=INT and Japanese by running UDK.exe -language=JPN. Or you can change the language in engine.ini.) To change the language during gameplay (as I did in the screenshots above) you need access to the C++ source code.
Tutorial: multi-language, multi-font Scaleform buttons and button bars, text and font set at runtime
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