A titanium oxide film, a nickel oxide film and a top electrode are formed on a bottom electrode, and a resistance element is constituted by the bottom electrode, the titanium oxide film, the nickel oxide film and the top electrode. A thickness of the titanium oxide film is 5 nm, and a thickness of the nickel oxide film is 60 nm. A rate of oxygen in nickel oxide composing the nickel oxide film is lower than a rate of oxygen in a stoichiometric composition.