"There is an advantage in carrying this."
The Lucky Charm has no specific purpose, but while being carried by any character, it prevents instant death attacks by simply sending the player to Danger status, and will also slow down the virus infection rate.
The Lucky Charm has different names depending on the version being played, although all have the same purpose, item avatar and description:
NTSC U/C (American version): Charm.
PAL (European version): Buddhist Charm.
NTSC J (Japanese version): Lucky Charm.