The dollar surrendered some of its overnight gains against the yen on Wednesday, as investors tweaked their positions ahead of a policy meeting expected to initiate a U.S. easing cycle. The Federal Reserve is expected to make its first interest rate cut in more than four years at 1800 GMT,

The yen surged to its highest level in a year, pushing the dollar into a corner as the market braces for a potential bombshell from the Federal Reserve

The US Federal Reserve cut its key lending rate by half a percentage-point Wednesday in its first reduction for more than four years, sharply lowering borrowing costs shortly before November's presidential election.