It is the emulator of EPSON's PC-286, 386, 486, 586 which are compatible hardware of NEC's PC98. Strictly speaking, Anex86 is not a PC98 emulator. Ningyo Tsukai: the original Japanese version of Metal & Lace), Anex86 has high emulating performance. Although a few games doen't work with it (e.g.
However, the most popular PC98 emulator in Japan is Anex86. Some games won't work with these emulators, you may try Virtual98 instead (available below). Recommended emulators are M88 for PC-88 (Windows only) and Neko Project II for PC-98 (Windows / Mac, ported as Xnp2 on Linux). PC-88 and PC-98 is kind of confidential outside Japan, but the emulation scene is quite active.