* Yen gains broadly, up over 1 percent vs dollar and euro
* Dlr rises vs euro, sterling as equity markets weaken
* Investors await SNB rate decision, possible news on QE
(Adds quotes, updates prices, changes byline)
By Jessica Mortimer
LONDON, March 12 (Reuters) - The yen rallied broadly on Thursday, with the dollar hitting a 2-week low against the currency as Japanese investors repatriated funds, while the dollar gained against other currencies as equities fell.
Japanese investors typically bring home funds to window dress their books ahead of the end of the business year in March and analysts and traders said this helped the yen to gain over 1 percent against both the dollar and the euro.
They also pointed to technical factors, with investors unwinding long yen positions after the dollar failed to break through the key 100 yen level.
"The failure of the dollar/yen to break through 100 triggered technical flows that took it back lower," Credit Suisse currency strategist Ray Farris said.
"There may have been some repatriation too, although it is less clear cut than it has been in previous years and there are few clear trends in currency markets," he added.
The dollar fell as low as 95.68 yen, its weakest in 16 days. At 1117 GMT, it was down 1.0 percent on the day at 96.23 yen, while the euro lost 1.4 percent to 123.00 yen.
The dollar rose against other currencies, however, as renewed concerns about the global economy weighed on equities, with European shares falling 1.9 percent, sparking flows into the perceived safety of the U.S. currency.
World Bank president Robert Zoellick told the UK's Daily Mail newspaper that the global economy was on track for its worst recession since the 1930s, with output set to shrink by 1-2 percent this year.
The euro fell 0.4 percent against the dollar to $1.2773, while sterling fell 0.8 percent to $1.3755.
The dollar had lost ground recently as a rally in global equities boosted risk appetite and lessened demand for the highly liquid currency.
SNB IN FOCUS
The Swiss franc was pressured against the dollar as the market awaited whether the Swiss National Bank would announce any so-called quantitative easing measures along with a widely expected rate cut due to be announced at 1300 GMT.
The dollar was up 0.2 percent at 1.1558 francs.
Steps the SNB may consider include buying government or corporate debt. But analysts are also focused on whether currencies will form be a key part in any decision, such as through unsterilised currency intervention and setting a floor for euro/Swiss franc.
"Given positioning, if the SNB's language on unconventional policy measures is relatively ambiguous, the Swiss franc could quickly reverse its recent losses," Barclays Capital currency analysts said in a note to clients.
"That said, we do not think this is likely and expect a dovish message to drive the Swiss franc even lower," they added.
A majority of analysts polled by Reuters expect the SNB to lower its target for the 3-month Swiss franc LIBOR by 25 basis points to 0.25 percent..
The Swiss franc firmed against a broadly weaker euro, however, with the single currency down 0.2 percent at 1.4770 francs .
Elsewhere, the New Zealand dollar fell 0.2 percent against its U.S. counterpart to $0.5105, having earlier touched a two-week high of $0.5149 after the central bank limited its interest rate cut to 50 basis points.
(Reporting by Jessica Mortimer; Additional reporting by Tamawa Desai; Editing by Andy Bruce)