Yes it will. Considering it's a port of the US verison of Tales of Eternia which never came out in Europe.
Though I highly Recomend buying the japanese version and using the english patch which should be slighty cheaper and you won't have to deal with those(For once I don't like a dub..) Awful voices IMO. Although I can't remember if the english patch translates the menus and items or not..
Ok, I just checked my copy again, and the English patch for the Japanese version only translates all the dialouge , main script and town names. All item and spell names +menus are still in japanese.