A transliteration of the runes from the rune circles to roman/latin alphabet.
As there is no easy way to perform a real translation from English to a true runic based language Ninja Theory transliterated letters of English words from the roman/latin alphabet to create the runes for the rune circles. This is a re-transliteration to make the runes readable again in roman/latin alphabet.
Starting clockwise from the 12 o'clock position this transliterates to:
Note: The letter "Y" would normally transliterate to "J" – but well, this doesn't really make sense for that word I guess?