A modulation circuit includes a load and a transistor serving as a switch. The transistor has an oxide semiconductor layer in which hydrogen concentration is 5×1019/cm3 or less. The off-state current of the transistor is 1×10−13 A or less. A modulation circuit includes a load, a transistor serving as a switch, and a diode. The load, the transistor, and the diode are connected in series between the terminals of an antenna. The transistor has an oxide semiconductor layer in which hydrogen concentration is 5×1019/cm3 or less. An off-state current of the transistor is 1×10−13 A or less. On/off of the transistor is controlled in accordance with a signal inputted to a gate of the transistor. The load is a resistor, a capacitor, or a combination of a resistor and a capacitor.