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Bonus defense does not appear to be removed when buster cannon is applied. Things like defense from Kraken, stats gained from equipping a main class, and Lilu's Nightshade all remain present after the debuff.
May not be a bug?
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Define 'does not appear to be'.
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It doesn't remove it at all.
If you double click yourself whilst affected by a full power buster cannon, you still have some defense left (namely in the amount of the bonuses you get from aptitude, items, class skills, etc.)