Jayinem has been a little vocal about it, but I am interested in a possible fix for his same problem, too.
I'm having the exact same problem that quite some other people had: the three exes do nothing at all. No errors, nothing.
Now, I'm pretty sure the antivirus (Windows Defender) is not an issue here: it has been disabled and it doesn't say anything when I try to launch it. If I check the reports it doesn't say anything about any automatic block and the whole folder has been whitelisted anyway.
So, this is my situation:
Windows 10 Pro 64bit 1903
Test Mode Enabled
System Language: Japanese
These are the exact step I followed.
-> Copied all the rar contents (3 exes + extra folders and readme) inside a game folder. Received no security warnings as the folder was preemptively whitelisted. No problems in the extraction. Double click on Installer. Nothing happens. Open %appdata% to see if something happened there: a Game Loader folder is present, but inside there's only a "Language.ini". I remove the entire folder and try again. Nothing happens. The folder will never reappear during the following steps. I'm not really sure, maybe it was there to begin with as I experimented with Taito Type X loaders in the past, maybe I've tried Game Loader too. Can't remember.
-> Tried with an older version of Game Loader. Same result.
-> Downloaded the AIO Redistributable installer. Run it. Try again, same result.
-> System reboot. Try again. IO Uninstaller detects an installation (IO Uninstaller just removes files when asked and detects installation, but does not do anything in order to stop them, it's not its function), but in the end nothing happens.
-> Set Compatibility to Windows 7 and Administrator rights. Try again, same result.
-> Set DEP exception settings for the three exes. Try again, nothing happens.
-> Tried moving the game folder to the hard disk root folder (F:\), still nothing.
I'm a little bit at a loss here.