A MRAM includes a first magnetoresistive effect (MR) element that takes a low and high resistance states. A second MR element is fixed to a low or high resistance state. First and second MOSFETs are connected to the first and second MR elements, respectively. A sense amplifier amplifies a difference between values of current flowing through the first and second MOSFETs. A current circuit outputs reference current whose value lies between current flowing through the first MR element of the low and high resistance states. A third MOSFET has one end that receives the reference current and is connected to its own gate terminal. The gate terminal of the second MOSFET receives the same potential as the gate terminal of the third MOSFET. A first resistance element is connected to the others end of the third MOSFET and has the same resistance as the second magnetoresistive effect element.