The demagnetization of a hard ferromagnetic layer via the fringing fields o
f domain walls created by reversing the moment of a neighboring soft ferrom
agnetic layer is explored experimentally An unusual oscillatory decay of th
e magnetic moment of the hard layer is observed using structures in which t
he demagnetization occurs after a few hundred cycles. This surprising obser
vation is confirmed on a microscopic scale by detailed imaging of the magne
tization of the hard layer using high resolution photoemission electron mic
roscopy and by micromagnetic simulations.