* Dlr close to 3-mth high vs yen, euro/yen at near 7-wk peak
* Yen on defensive as safe-haven status continues to fade
* Bernanke comments lift stocks, helping higher-risk FX
* Japan exports plunge in January; German Q4 GDP weak
(Updates prices, changes byline, dateline; previous TOKYO)
By Jessica Mortimer
LONDON, Feb 25 (Reuters) - The yen fell broadly on Wednesday, keeping close to three-month lows against the dollar and hitting a near seven-week low against the euro, as more evidence emerged that Japan is sliding into a deep recession.
The dollar fell against the euro, however, as equity markets gained after Federal Reserve chairman Ben Bernanke signalled that nationalisation of big U.S. banks was not on the cards, with European equities up 1.4 percent in early trade.
The yen suffered more falls as investors continued to consider that a dire economic situation in Japan has eroded the currency's appeal as a safe haven currency.
Figures showed Japan's exports nearly halved in January from a year earlier, with record slides in shipments to the U.S., Europe and the rest of Asia. See.
Stock market gains encouraged buying of currencies perceived to be higher risk such as sterling and the Australian dollar, and weighed on the U.S. dollar, which is now seen as the major safe haven play.
"Stock markets took a liking to what Bernanke said and this means that currencies more sensitive to the business cycle are recovering," Stockholm-based SEB foreign exchange strategist Johan Javeus said.
"The yen has weakened and we have seen for some time now that it has started to decouple from mechanically following the developments of stocks," he added.
At 0836 GMT, the dollar was up 0.1 percent against the yen at 96.88 yen, just shy of a three-month high of 97.35 yen hit on trading platform EBS.
The euro rose 0.3 percent to 124.55 yen, close to a near seven-week high of 125.17 yen hit earlier in the session.
Against a basket of currencies, the dollar fell 0.2 percent to 86.661 as the euro gained 0.3 percent to $1.2875, while the pound rose 0.7 percent to $1.4581 and the Australian dollar added 0.8 percent to $0.6547.
Despite the improvement in risk sentiment and rising stock markets, however, there was plenty to keep investors wary about the grim outlook facing the global economy.
Bernanke gave some encouragement by saying that he saw no reason to destroy the "franchise value" of major banks by taking them into public ownership, but he also warned of a severe U.S. downturn that could drag into next year.
Data out on Wednesday showed the German economy remains mired in a worsening downturn, with figures showing the GDP fell 2.1 percent in the fourth quarter, dragged down by foreign trade. See.
"In the medium term it is difficult to see this as a turning point for risk -- as such we look for another rally today as an opportunity to buy the dollar," Bank of Scotland currency analysts said in a note to clients.
UK GDP data will be closely watched at 0930 GMT, while U.S. existing home sales are due later in the day.
(Reporting by Jessica Mortimer; editing by David Stamp)