Well, it's similar but it has different standards. In Japan, instead of having a determined value for each letter, they put together the results of all the applicants, make an average and sort them out based on their overall performance like this:
A- Accepted at college with flying colors.
B- Not the best performance, but can be accepted in a good college with a bit of luck.
C- Subpar performance but still salvageable, only chance at being accepted is if someone from A or B cannot finish their enrollment.
D- Flat out rejected, better luck next year.