© 2016 IEEE. The spin-transfer torque magnetic tunneling junction (MTJ) technology may pave a way to a universal memory paradigm. MTJ devices with perpendicular magnetic anisotropy have the potential to have high thermal stability, high tunneling magnetoresistance, and low critical current for energy-efficient current-induced magnetization switching. Using devices fabricated through focused ion beam etching with Ga-and Ne-ion beams, this paper aimed to understand the size dependence of the current/voltage characteristics in the sub-10 nm range. The switching current density drastically dropped around 1 MA/cm2as the device size was reduced below 10 nm. A stability of over 22 kT measured for a 5 nm device indicated a significantly reduced spin relaxation time.