In a spin valve type element, an interface insertion layer (32, 34) of a material exhibiting large spin-dependent interface scattering is inserted in a location of a magnetically pinned layer (16) or a magnetically free layer (20) closer to a nonmagnetic intermediate layer (18). A nonmagnetic back layer (36) may be additionally inserted as an interface not in contact with the nonmagnetic intermediate layer to increase the output by making use of spin-dependent interface scattering along the interface between the pinned layer and the nonmagnetic back layer or between the free layer and the nonmagnetic back layer.