Mitsubishi drops to three-year low

Mitsubishi Motors Corp fell the most in almost three years, leading Mazda Motor Corp and other Japanese carmakers lower on concern the yen's three-year high against the euro may erode earnings.

Mitsubishi Motors, maker of the Outlander sport-utility vehicle and Eclipse sports car plunged 10 percent to close at 131 yen on the Tokyo Stock Exchange. Mazda, a third owned by Ford Motor Co, dropped 5.9 percent to 320 yen.

Mitsubishi exports about three-quarters of Japanese production and Mazda exports about 80 percent and gets more than half of its operating profit from Europe. A stronger yen against the euro reduces the value of profit repatriated from overseas.