NEW YORK, July 8 (Reuters) - The euro fell more than 3 percent against the yen on Wednesday to its lowest since mid-May, as investors shunned risk and unwound carry trades.

The euro was down 3 percent at 127.95 yen after falling as low as 127.63 yen EURJPY=R. The dollar was last down 2.6 percent against the yen at 92.47 yen JPY= after falling to 92.17 yen. (Reporting by Nick Olivari, Editing by Chizu Nomiyama)