I have confirmed the operation of this game on Japanese Windows 7 SP1 x86 (VirtualBox 6.1).
Notes: Textractor works. Disk 2 must be kept mounted to hear music. I don't think this game has a windowed mode. There is map movement in-game.
Additional Note: When I first tried playing, I couldn't see any text in-game. Text became visible after changing the bottom most setting (second picture in the spoiler) to OFF.