Unfortunately, MATLAB HG2 axes object doesn't have such a facility -- about your only choices without drawing a second axis are to use log scale on the y axis which probably isn't desirable in this case or scale the extreme value by (say) 10, then set the ticklabel value to the actual value. You could then draw a couple of angled lines across the y axis to indicate the break.
There are some "See Also" links to such functionality on FEX that show up here; you ought to check them out albeit it takes downloading and adding them; there isn't any supplied builtin support.
