Yeah sorry, not really sure what it could be besides an encoding/locale issue.
I noticed you said you were using an emulator. You could try setting up Japanese locale on your computer instead, if the emulator continues to fail:
View attachment 4137107
This is the only thing you need to change. Also, make sure you have the Japanese Language Pack installed.
Just make sure to NOT check the UTF-8 Beta if you do this. It doesn't get along well with a lot of Japanese games.
EDIT: You could also try extracting it with a different program. I use Bandizip, with Japanese as the Default Code page:
View attachment 4137114
Also, make sure the file path for your game doesn't contain too many characters, or strange characters like brackets.