Anyone with a passing familiarity with the Final Fantasy series should recognise the fine Chocobo, preferred steed of many alternate universes. It's therefore not surprising that a game starring Chocobos and races would be released.
The Japanese version of this game is used due to differences in at least one stage causing the Japanese version to be more difficult.
This is a tool-assisted speedrun, made on an emulator, using frame-by-frame shooting, savestates, and rerecords to overcome reaction time and human error. As such, it is purely a form of entertainment, and is not designed to show skill.