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Phoenix Down (フェニックスの尾, Fenikkusu no o?, lit. "Phoenix Tail"), sometimes known as Fenix Down or Life, is a recurring common item in the Final Fantasy series. The "Down" refers to the down feathers of a bird, the undercoat of feathers beneath the visible layer on top. The down feathers of a Phoenix would return people from the dead as a Phoenix itself does. The Aletap Rumors of Final Fantasy XII says that the Phoenix Down works by being offered to appeal to the mystical Phoenix itself to allow a lost soul to return, with the quality and overall beauty of the current feather being a crucial factor.
It also has the effect of downing an undead monster when it is used on them...