NEW YORK May 1 The U.S. dollar pared its losses
against the yen on Wednesday after the U.S. Federal Reserve said
it will stick to its plan to buy $85 billion in bonds each month
to push down borrowing costs and prop up the U.S. economy.
The greenback surged to its best levels during the New York
trading day, reaching 97.53 yen, a small gain on the session,
from 97.17 yen just prior to the Fed's statement. However it
immediately started to drift lower and was last trading at 97.29
yen, off 0.13 percent on the day.
The euro briefly lost ground on the greenback following the
Fed's statement. It was last at $1.3204, up 0.27 percent on the