* Yen, dollar gain on rising risk aversion

* Weak U.S. jobs data sours outlook on U.S., global growth

* July 8-10 G8 meeting eyed for FX diversification debate

* U.S. services sector shrinks at slower pace

(Updates prices, adds comment, changes byline)

By Steven C. Johnson

NEW YORK, July 6 (Reuters) - The yen gained broadly on Monday and the dollar also edged up as investors nervous about the global economic outlook shunned risk and took shelter in currencies perceived to be safest in times of subpar growth.

The dollar hit a five-week low against the yen but briefly touched a two week-high against the euro as fallout from last week's grim U.S. jobs data unnerved investors who had bet on an improving world economy.

When risk aversion rises, investors cut holdings of stocks and higher-yield currencies, such as the Australian dollar, then buy back dollars and yen that were used to finance the trades.