Asuka 120% Final received a native recompilation for Windows based on the Japanese PlayStation version. In addition, the Asuka120 Recompiled v0.1 project turns the game's code into an x64 executable and requires the user to provide their own legal copy of the game.
The work uses PSXRecomp to translate the original code and compile a PC-focused version. Thus, the proposal differs from simply opening the game in a traditional emulator, although the project's runtime still emulates parts of the PlayStation hardware.
Asuka 120% Final arrives on Windows via recompilation
According to the project's documentation, the process starts from the user's original disc. Then, the script validates the necessary files, prepares the compilation tool, and generates the executable Asuka120_Recompiled.exe.

Asuka 120% Final: Burning Fest. ending scene on the PlayStation version. Source: TheGamesDB.
In addition, the built-in launcher offers video, audio, controls, and memory card settings. As a result, the project makes it easier to run on Windows without distributing the original game's commercial data.
How the Asuka 120% Final recompilation works
The repository describes a pipeline that converts PlayStation MIPS code into C before compiling it for PC. This way, the main code runs natively, while the project still provides the necessary layer for console components.
Similarly, this model resembles other recent recompilation works. Furthermore, Allves Games followed the MediEvilRecomp for PC and the decompilation of Digimon World 3 and 2003.

Artwork from the Japanese edition of Asuka 120% Final: Burning Fest. Final for PlayStation. Source: Family Soft / BDJogos.
What is needed to play
The project does not distribute the commercial content of the game. Therefore, the user themselves must provide a legal copy to generate the private files that the process requires.
For now, the project targets Windows x64. Furthermore, the developer commented that there is an official 1998 PC edition with better assets and expressed interest in studying it in the future. However, the project has not yet confirmed support for this edition.
Sources: GitHub — Asuka120 Recompiled; Reddit / r/recomps.