Thanks DS! Ugh, looks like this won't be easy. I'm fairly sure I've found the first line of text in the PSX version at address 0x6EA8 in VA01.bin (J-PSX). Two problems, unfortunately: this line of text isn't in the PSP version of the file (

) and secondly the text encoding scheme looks pretty bizarre (

).
Check out Jowy's first line here again, clearer pic this time:

In hexadecimal, this reads:
DF 01 0C 73 5F 69 47 5A E4
05 00 E5 0E 68 48 02 26 73 49 55 5E 4B 47 E8
E0 00 00 00. The
05 00 should be an opcode that inserts the player's name (I chose "!!!" to keep the Japanese characters distinct from the player name here).
DF and
E0 should be opening and closing quote brackets respectively. But look at the meat of the dialogue...eugh. It doesn't seem to be encoded in any logical order, and there's just one byte per Japanese character instead of two; is this even possible? With one byte there's only enough room for Hiragana and Katakana, plus a select punctuation marks I think.
Well, actually, I take back the one-byte observation -- looking at this again, the character "い" repeated in Jowy's textbox only matches up if the first Kanji, "気," is interpreted as a two-byte value. Is it possible Hiragana and Katakana are one-byte values, with two-byte values reserved for Kanji and certain text display opcodes?
In any case, the line isn't in the corresponding PSP file, which is disappointing. Turns out the matching data I was looking at earlier in these files doesn't conform to the text encoding scheme either, so what I was examining was probably non-text data and a red herring. I'm not prepared to concede that the text
isn't in these files in the PSP version yet, but it would appear the encoding schemes are probably different.