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,

LONDON >> The dollar was lower today while the yen hit its highest level in more than a year, as market participants increasingly expected an oversized rate cut by the Federal Reserve later this week.