No, it will only decrease his defense by a few points. As well, the Monk's defense depends on his stamina, not his level. If you like, I can dig up the statistics for you. I know they're available on GameFAQs.
On my current game, my Monk / Master has 73 bare defense. With a Ribbon equipped, it drops to 62. The Monk has incredibly low magic defense, though. The Ribbon helps to raise this, as well as adding resistance to various status effects. It's a must-have.




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