I don't see why not, MATLAB supports structured-style programming and classes, so it should be able to do much of what more traditional languages like Java can do, even if the syntax in MATLAB is a bit awkward in its use of classes and objects. But Java doesn't have MATLAB's built-in vector and matrix support, if that would buy you anything.
If you're referring to performance issues rather than coding, you'd have to decide for yourself what constitutes "fast enough".
