The tournament hosts started the first half well and it took just two minutes for them to break the deadlock. A cross came in from the left wing and looked comfortable for defender Alexander Nitzl to deal with, but the centre-back could only knock it into his own net.
Though the German side pushed forward for the equaliser, they struggled to threaten the Ajax goal and the hosts soon struck again when a corner bounced well for Abdallah Aberkane to smash home from close range.
The Amsterdammers looked worthy of the win as a solid display saw them rewarded for an impressive tournament. They have now won the cup four times, having beaten three-time champions Anderlecht in their previous game with an impressive comeback.
The Belgian side looked set to sail through to the final when they took a two goal lead, but Quinten Maduro and Sven Botman struck back to secure a draw for Gery Vink’s men. Converting one more penalty in the resultant shootout, Ajax progressed.
Bayern, meanwhile, took on the J-League selection to contest the other final spot. The teams gave little away in the early stages, but the game opened up enough for substitute Yannick Brugger to knock in the decisive goal in the second half and set up the decider.
The semi-finals and final were not the only action on show, however, as all eight teams took part in the final day.
Despite the occasion, the third-place playoff proved to be a highly-entertaining, as the team from J-League hammered Anderlecht 7-0.