Imagination is the abstract space that can most potently symbolize childlike joy and wonder — at least, according to the opening scene of “The Imaginary,” with its sweeping fantastical vistas sprouting from the inside of a child’s mind. In truth, our imaginations and the friends we make along the way are, within this poignant and inventive animated film directed by Yoshiyuki Momose, arenas where we reckon with emotional turmoil and the loss of innocence.

The third work out of Studio Ponoc, an offshoot of the revered Studio Ghibli, the movie follows Rudger (voiced by Kokoro Terada), the imaginary (i.e. imaginary friend) of Amanda (Rio Suzuki), a young girl who recently lost her father. Their days of play are interrupted when Mr. Bunting (Issey Ogata), a mustachioed villain accompanied by a wordless spectral imaginary, tries to consume Rudger and separates him from Amanda. After he is sent to a kind of imaginary heaven, Rudger must team up with other imaginaries to find and save her.

It’s a visually splendid film with a restless inventiveness — too restless, at times. The movie falters periodically under the weight of its own dream logic, which can be hard to follow or flimsily constructed as the story gains momentum. But it’s mostly easy to move past those flaws in a work of such rich magical realism and heart.

While the film is pushing for the kind of grand emotional and mythic proportions of a Ghibli work, it may not exactly stack up for some viewers with such great expectations. But, held up against more recent imagination-centric stories (with apologies to John Krasinski), Yoshiyuki’s film has the creative verve to sweep you away nonetheless.