Arkedo Series - 02 Swap! [NPEB00614]

That happened to me a few months ago.

Possible solutions:
a) Delete your .ini - it's probably pathing issues (keep in mind that when you remove a value in the VFS manager, it's not actually removed and stays in the .ini file)
b) Try a fresh install of the game

I tried the two, but it did nothing.

Edit : All right, I've found, the emulator has a problem.
Without saving the game displays this error, but if you put a backup all is well.
I recreated the savedata with an older build.