* Yen erases earlier gains, slips vs dollar, euro
* Tokyo shares turn positive, easing risk aversion
* G20 fails to ease global recession worries
* Japan slips into recession as Q3 GDP contracts 0.1 pct
By Satomi Noguchi
TOKYO, Nov 17 (Reuters) - The yen slipped against the dollar and euro on Monday, as a rise in Tokyo stocks reduced fear-driven demand for the Japanese currency, which had served as a safe haven amid disappointment over the Group of 20 financial summit.
Investors had initially turned more risk averse after the weekend meeting of the G20 major economies failed to produce concrete measures to avert a global downturn.
The yen was also hurt by data showing Japan slid into recession in the third quarter along with the euro zone economy.
The Nikkei share average erased earlier losses to rise 2 percent, reducing safe-haven buying of the yen and the dollar in reaction to the G20 summit, weak U.S. economic data and late slide on Wall Street on Friday. U.S. data showed a record fall in retail sales in October.
"The yen's earlier gains were much smaller despite a steep fall on Wall Street, prompting market players who had bet on the yen to sell it back to close short-term positions," said a trader at a Japanese bank.
The euro rose 0.2 percent from late New York trade on Friday to 122.48 yen. It rebounded from the day's low of 120.20 yen hit in early trade on trading platform EBS with thin liquidity in the market on Monday exaggerating price movements.
The U.S. dollar climbed 0.4 percent to 97.46 yen, up sharply higher from an earlier low of 95.87 yen.
The dollar gained 0.2 percent to $1.2581 per euro, off the day's high of $1.2512.
The Group of 20 leaders from major industralised and developing counties produced lots of pledges of action but no concrete plan to ease global recession worries, which had earlier supported gains in the yen and the dollar.
"The summit also noted the need for broader policy responses, but mainly left it to individual economies to take the appropriate monetary and fiscal policy measures," noted analysts at ANZ.
Investors had hoped for an overall plan that would stimulate the global economy in the short term.
Market players are now waiting to see if developed and emerging economies will launch more economic stimulus plans, and how quickly such measures will be implemented.
"Speed is the most important part of the policy actions as world economies deteriorate quickly and more investors may need to liquidate risky investments," said Hideaki Inoue, chief manager of forex trading at Mitsubishi UFJ Trust Bank.
The Australian dollar initially sank more than 1.5 percent to $0.6363, but then jumped quickly near $0.6450, leading dealers to suspect the Reserve Bank of Australia was intervening in the market.
The central bank would not confirm it had acted but the Aussie was nearly flat to trade at $0.6475.
The RBA intervened on at least two occasions last week, buying the Aussie around $0.6350 when the market was disorderly and lacking liquidity. (Additional reporting by Wayne Cole in Sydney; editing by Sophie Hardach)