Japan's National Institute of Advanced Industrial Science and Technology (AIST) developed a current-perpendicular-to-the-plane (CPP) GMR device.

The CPP GMR device is developed by combining the spin injection magnetization reversal (spin injection) method and perpendicular magnetization technology. AIST aims at developing an MRAM with a capacity of 1 Gbit. The new device was presented at 52nd Annual Conference on Magnetism and Magnetic Materials (MMM), an international conference on magnetic recording now being held in Tampa, Florida.

Read more here (TechOn)