No, it is not Japanese. And since I don't know Japanese how could I begin translating the game to that language?Japanese punctuation ( https://www.tofugu.com/japanese/japanese-punctuation/ ) is slightly different if it is a Japanese game you are playing with.
If not how are you trying to enter apostrophes and quote marks? They might be a different encoding where the rest is known and thus the game does not quite understand what you are doing.
Figuring it out can be fun. If it is a NFTR font it will be able to tell you the encodings that correspond to symbols but otherwise you get to figure it out.
Easier way is to find an example in other text you do know, harder is chances are whatever order it is in the font in then it will be the same in the the encoding so try up or down from there, potentially far more annoying still is trying every value* (if you know some other punctuation then start there and go up and down) and then probably hardest from where you sit now (assuming you have not spent the last few weeks learning assembly) would be a tracing session.
Sometimes name entry and high score entry can tell you something, and if it works it can be very quick indeed, but that can just as easily lead you down all sorts of odd paths.
*you can try when it is in memory but some games will only grab the text and immediately do stuff with it and not update (it is not like text normally updates in a game). To that end expect to edit and then boot up to test, be aware that savestates might trick you by having the data already loaded but not on screen so be wary with them and make sure you are way back when from your text can be expected to load if you are going to.
If you are doing Japanese and it does not have anything then you get to change the font, if you are being a cowboy then you can skip figuring it out and change something in this game that you don't care about but do know the encoding for (if doing the whole Italian thing and you don't have any loanwords in it then maybe J, K, W, X and Y or their lower case counterparts).
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I used 0.3.I see, that was the reason I updated tools lately. Did you tried to dump text with Mtools v0.3? That symbols are from range 0x80-0x9F. When you open outOrg.txt it should load ansi standard in default and display them correctly, so I'm surprised, (I just ripped right now and I got correct output with all recognized characters in example: World’s famous “Eye Scream” ) I suggest using CP-1252 standard now instead of ISO 8859-1 if you like to use latest updated Mtools with no worries.