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A magnetoresistance element is disclosed. The magnetoresistance element includes a magnetic tunnel junction portion configured by sequentially stacking a perpendicularly magnetized first magnetic body, an insulation layer, and a perpendicularly magnetized second magnetic body. The second magnetic body has a configuration wherein a ferromagnetic layer and a rare earth-transition metal alloy layer are stacked sequentially from the insulation layer side interface. A heat assist layer that heats the second magnetic body with a heat generated based on a current flowing through the magnetic tunnel junction portion is further provided.