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I'm using pcsx2 (v1.7.0-dev-208-g4629c8363) With direct3d hw and sw
In the game the font has lines under it or around it, it's fixed in software mode and can be reduced by setting texture filtering to (Forced)
but changing texture filtering doesn't solve the issue. 

picture 1 is hardware with ps2 texture filtering.
2 is software
3 is hardware with forced texture filtering

It is an upscaling artifact, you can try one of the sprite options but otherwise it is not our problem to deal with.