A nonmagnetic material-noncontact layer forming a fixed magnetic layer is formed using CoFe, a nonmagnetic material-contact layer is formed using Co, and an NOL (Nano-Oxide Layer) is provided between the nonmagnetic material-noncontact layer and the nonmagnetic material-contact layer. In addition, the average film thickness of the nonmagnetic material-contact layer is set in the range of 16 to 19 .ANG.. Accordingly, compared to a three-layered structure composed of CoFe, an NOL, and CoFe or a three-layered structure composed of Co, an NOL, and Co, which has been conventionally used, the rate (.DELTA.R/R) of change in resistance and the unidirectional exchange bias magnetic field (Hex*) can both be improved.