Magnetic recording medium using ϵ-iron oxide particle magnetic powder

A magnetic recording medium, comprising a non-magnetic substrate, and a magnetic layer containing a magnetic powder,

• wherein the magnetic powder is constituted by an ε-iron oxide powder,
• the magnetic layer has a squareness in a thickness direction of 0.65 or more,
• the ε-iron oxide powder comprises a high-coercivity magnetic powder having a large particle size and a low-coercivity magnetic powder having a small particle size, and voids between particles of the high-coercivity magnetic powder having a large particle size are filled with particles of the low-coercivity magnetic powder having a small particle size,
• in a hysteresis curve in the thickness direction of the magnetic layer, in a case where a point at which, after saturation magnetization in a positive direction is reached by applying a magnetic field in the positive direction to the magnetic layer, saturation magnetization in a direction (negative direction) opposite to the positive direction is reached by applying a magnetic field in the opposite direction (negative direction) is taken as a point A, and a point at which saturation magnetization in the positive direction is reached by applying a magnetic field in the positive direction further from the point A is taken as a point B, two or more peaks are present in a differential curve obtained by differentiating the hysteresis curve from the point A to the point B, and
• in a case where, out of the peaks, a local maximum of a largest peak in a magnetic field range of +500 oersted [Oe] or more is taken as P1 and a local maximum of a largest peak in a magnetic field range of −500 oersted [Oe] or more and less than +500 oersted [Oe] is taken as P2, a relationship below is satisfied:
• 0.25≤P2/P1≤0.60.