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[TheChosen]

I rechecked it and Im starting to think that its not an emulation trick, but an actual conversion by someone called "Friends Software", which is mentioned at the beginning intro. The intro also mention thats its an MSX game.

Technically, its an MSX game, and technically, its a DOS game and works on Dosbox (and actually in Windows too, but without sounds).

There's no other files on the folder, just the .exe file. So there's no sign that it would be an emulator or anything like that.

The game is just like its on MSX. However, there's the Friends Software intro and a menu which has options like save, load, boss key and quit.