I remember it was a Japanese 2D Action-RPG released for Windows 95.
The player character had red hair tied up like a samurai.
Shadows and other transparency effects were done like in PC-98 games
It was TopView like Alundra and Arcus Odyssey.
Release: Between 1996 and 1997
Thanks for any help.
Source: https://www.reddit.com/r/oldgames/comments/shkxe8/windows_951997_looking_jrpg/