This game is called Mystic Ark. It has been completely translated by Aeon Genesis. This game is the sequel to 7th Saga and apparently it is a better game than the former. The video above is the Japanese version gameplay footage.
I remember 7th Saga to be hard as balls. This game is probably not as hard considering it's more popular. Okay, so I never played Mystic Ark before, so what? I'm going to play it as soon as I patch the ROM.
The screenshot above is the translated ROM being played. Way to go, captain obvious!