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* Euro tops 1.10 francs for first time since SNB lifted cap
* Dollar up vs yen on week on BOJ easing speculation
* Euro steady vs dollar (Recasts with franc move)
By Patrick Graham
LONDON, Sept 11 (Reuters) - The Swiss franc weakened to more than 1.10 francs per euro on Friday for the first time since the Swiss National Bank lifted a currency cap last January, reflecting some easing of the anxiety afflicting markets in the past month.
The Japanese yen, another safe haven for investors in a global sell-off driven by concerns over China, recovered a foothold after sliding more than 1 percent against the dollar this week.
But on a day of otherwise muted action on major currency pairs, dealers said the franc had been hit by a trimming of bets on the franc by long-term investors.
By 1146 GMT, the euro had risen more than a third of a percent to 1.1014 francs EURCHF= .
"The break of the psychological resistance at 1.1000 has triggered heavy franc selling," said Peter Rosenstreich, Head of Market Strategy at Swissquote Bank.
"Should larger, macro risk events hit the market, such as Greek uncertainty or China growth worries, we will see a flight back to the safe-haven franc. However, as long as this doesn't happen, investors will continue selling."
The SNB meets to decide on monetary policy next week, with the recent drop coming as welcome news for a central bank which has spent billions trying to weaken the currency.
Minds were already turning to a Federal Reserve meeting next week seen as the first clear chance of U.S. policymakers raising interest rates, limiting action in most of the major currency pairs.
The dollar held onto most of this week's gains against the yen in the face of a business survey that leaned against strengthening speculation of another round of quantitative easing by the Bank of Japan.
The yen's weakening has been a central plank of Prime Minister Shinzo Abe's plan to dig Japan out of a long-term cycle of stagnant growth and investment, but it has gained 3.5 percent this month. JPY=EBS
"The prospect of another round of BoJ easing is rising and risk aversion continues to slowly fade," said RBC Capital Markets strategist Adam Cole.
"Prospective capital flows still argue for trend weakness in the yen and, in the absence of another shock to general risk appetite, we expect the grind higher in dollar/yen to resume. We retain our forecast for the peak in the dollar at 132 yen."
After scaling a 10-day high of 121.38 overnight, the dollar was flat at 120.66 yen JPY= , a 1.3 percent gain on the week.