OK... there is no title screen
Once the game loads it immediately plays the story trailer... then it shows a WV title but there is no options. If you press any button, it starts the game and places you directly in the game, in the town. I found 1 screen that appears to function as an option screen, but no matter what I select it has no bearing on the language.
I just tried this out for the first time and changed a bunch of setting in the "Utility" option outside the city (main hub?). After finally getting a party together and getting into the dungeon, I currently have black with white lines 3D and most commands and names are in English. Are they Japanese for you?
edit: just went through the Utility again and it seems as though you only get to choose the type of 3D, message speed and Chip/CD music.
Xak might have just been talking about the SFC version. Still nice having most commands in English inside the dungeon.