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Jimmy's Final Fantasy VIII Site
The full Junction explanation probably won't be here until I can get my hands on the game. Although, I can tell you what I know of it. It gives info on a Guardian Force: its skills, which ones are equipped, and other things. It also affects how the character acts. EXP is also listed here along with how much EXP there is to the next level. It also lists the stocked magic, available battle commands, the equipped weapon, and the junctioned magic among other things.