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PROBLEM TO BE SOLVED : To provide a magnetic recording medium having excellent corrosion resistance and thermal stability. SOLUTION : The magnetic recording medium has a recording layer containing magnetic particles having 5 to 50 nm particle diameter and consisting of a rare earth-Co-semimetal and a binder on a non-magnetic substrate. The magnetic particles further contains Ni and when a content ratio of Co and Ni is represented by Co(100-x)Nix, preferably x=20 to 35 at%. COPYRIGHT : (C)2006, JPO&NCIPI