A magnetoresistive element has a ferromagnetic double tunnel junction having a
stacked structure of a first antiferromagnetic layer/a first ferromagnetic layer/a
first dielectric layer/a second ferromagnetic layer/a second dielectric layer/a
third ferromagnetic layer/a second antiferromagnetic layer. The second ferromagnetic
layer that is a free layer consists of a Co-based alloy or a three-layered film
of a Co-based alloy/a Ni—Fe alloy/a Co-based alloy. A tunnel current is flowed
between the first ferromagnetic layer and the third ferromagnetic layer.