The game reads from a hidden system file within the save. Try deleting your PCSX2 cheats folder or disable Enable Cheats in Emulation Settings. Some save files require a specific BIOS version (Japan v2.20 works best).
There are two main ways to use a downloaded save file on PCSX2: Method 1: Replacing the Memory Card File (.ps2) The game reads from a hidden system file within the save
Modern versions of PCSX2 have built-in tools to manage saves directly: and go to Settings > Memory Cards . hunting down wooden dolls
Unlocking the full potential of Ultimate Ninja 5 manually requires completing the extensive Master Mode, hunting down wooden dolls, and finishing specific side quests. A complete save file provides: The game reads from a hidden system file within the save
Click the button (indicated by an arrow pointing into a memory card).