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Magic Defense?
Yes, it sort of repeats itself. I'm just saying that the description is written like a normal sentence and when read that way, it certainly doesn't seem to mean "magic defense". If you want to really get technical I'm sure you realize there is no "physical defense" stat either. There never will be that kind of stat from what I recall - it'll always just be "defense".
And yeah, the protection stat reduces magic damage...but it will not later. Later "protection" will only be for physical attacks (though they don't bother to change the name to physical protection).