A Day/Night Cycle is the normal passing of time that occurs when the player is in-game.
Fable, Fable:TLC & Fable AnniversaryEdit
The clock visible on the top right corner of the minimap represents the current time of day. In these games, every in-game day is 24 real-time minutes, effectively having a timescale of 60:1.A Moonfish or Golden Carrot can be used to skip to either 10PM or 10AM respectively.
Sleeping in a bed will result in the time being forwarded to 10PM (if you slept during the day) or 10AM (if you slept during the night).
In Fable III, a complete day-night cycle translates into about 20 real-world minutes. Shops are closed rather rigorously at night, with considerable consequences for the Hero careless of the fact. In other words, commercially-astute Heroes should plan their commercial or mercantile activity mindfully. To bypass the in-built cycle in the attainment of one's goals, the Hero can easily rest in any (legal) bed or resting-place and select the desired time of awakening.
The day/night cycle in Fable III is heavily incorporated into the (Legendary) weaponry of the game, where numerous weapons are enhanced and become capable of increased damage output if augmented appropriately, the reward of usage during the day or night, respectively (e.g., The Equaliser relic rifle does 40% more damage during the night in its "Nightowl" augment, similarly the uncommon pistol, Tee Killer Shooter, and accordingly the DLC swords, Shardborne and Wolfsbane; solar-wise, the special tool agains the undead, the Bonesmasher pistol, the shop-grade Auroran pistol, Desert Fury, and the shop-grade rifle, Defender of the Faith, offer 30% more damage if relevantly augmented and utilized in the day.)