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Asia FX Hunkers Down Ahead of Fed Meeting, Dollar Slips
Most Asian currencies moved little on Wednesday as caution kicked in ahead of a widely expected interest rate hike by the Federal Reserve, while the dollar fell amid hopes that the central bank will espouse a less hawkish outlook.
The Japanese yen bucked the trend, rising 0.7% on expectations that the government will intervene further in foreign exchange markets to support the currency. Tokyo spent a record $42.8 billion in October to lift the yen from a 32-year low.