FOREX-US dollar, yen rise as global economic fears deepen

* Dollar rises as economic worries knock equity markets

* Yen broadly higher, climbs to 1-month high vs dollar

* High-yielders sink on expectations of global rate cuts

* BoE, ECB, RBA, RBNZ all seen slashing borrowing costs

* For up-to-the-minute market news, click on FXNEWS (Updates prices, adds comments, changes byline)

By Wanfeng Zhou

NEW YORK, Dec 1 (Reuters) - The U.S. dollar and the yen rose on Monday, benefiting from safe-haven flows after weak economic data heightened fears about a deep economic slowdown around the world.

The yen was broadly higher, reaching a one-month high versus the dollar as plunging equity prices prompted investors to reverse risky trades. The yen performed best against currencies of countries where central banks are expected to slash interest rates later this week, including the euro, sterling, and the Australian and New Zealand dollars.

"The yen remains relatively strong across majors and that has a lot of to do with the risk sentiment that we're seeing in the market," said Terri Belkas, currency strategist at DailyFX.com in New York.  Continued...