A magnetic recording medium is provided with an exchange layer structure,
and a magnetic layer provided on the exchange layer structure. The
exchange layer structure includes a ferromagnetic layer and a nonmagnetic
coupling layer provided on the ferromagnetic layer, where the
ferromagnetic layer and the magnetic layer are exchange-coupled and
having mutually antiparallel magnetizations. The ferromagnetic layer and
the magnetic layer satisfy a relationship Hc1'.gtoreq.Hc2', where Hc1'
denotes a dynamic coercivity of the ferromagnetic layer and Hc2' denotes
a dynamic coercivity of the magnetic layer.