The characters in the Captain Rainbow trailers are getting more and more obscure. As expected, this trailer is about Takamaru, the samurai protagonist of the Famicom Disk System-only Nazo no Murasame-jou (Mysterious Murasame Castle), a samurai-style Zelda-ish game. He is apparently too hyper, given to random nosebleeds caused by excitement. We're starting to think that Captain Rainbow's superpower is that he motivates people to work on their problems.
He's introduced by the buxom, wild-haired Tracy, of whose origin we aren't entirely sure. Is she Crazy Tracy from The Legend of Zelda: Link's Awakening? The hair color and clothing don't match the sprite in Link's Awakening DX, but the big earrings do, and her general appearance suggests "craziness." She could also be Ness's sister from Earthbound, maybe. "We'll find out next week" seems like a very unsatisfying solution to this issue.
As usual, click over to YouTube to see the translation!