(variable name) (hex:7B) is a glitch item in Pokémon Blue (Japanese).It is an unterminated name glitch item, hence has the effects associated with those glitch items in Japanese Blue, depending what is in the saved screen data.
The saved screen data will also affect how its name appears in game.
Using this glitch item with a 0x50 sub-tile early in the saved screen data will result in arbitrary code execution at WRAM region D806. This is the same effect as てへ (hex:7B) in Pokémon Red and Green (both v1.0 and v1.1).
The region at D806 in WRAM is particularly useful as it contains the beginning of the grass encounter table. This data can be changed to the player's name by watching the old man's demonstration, in which a bootstrap code to elsewhere can be used. For example, the name "[any character]てルめ" makes the game run $C3 $A6 $D2 which in ASM is 'jp D2A6' (jump to third inventory item).