The yen steadied on Wednesday while the dollar struggled to regain some lost ground ahead of key rate decisions from the Bank of Japan (BOJ) and the Federal Reserve later in the day. The euro did scale a five-month high of $1.0955 in the previous session and last traded near that level at $1.0937, as investors were optimistic the move in Germany could revive economic growth and scale up military spending for a new era of European collective defence. Elsewhere, the yen was little changed at 149.32 per dollar, as investors awaited the conclusion of the BOJ's two-day monetary policy meeting, where the central bank is expected to stand pat on rates. Sterling last bought $1.30, standing just a whisker away from its four-month high of $1.3010 hit in the previous session. The Australian dollar ticked up 0.02% to $0.6362 after falling 0.4% overnight as risk appetite stayed cautious, while the New Zealand dollar slipped 0.05% to $0.5818. Against a basket of currencies, the dollar edged slightly higher to 103.33, though was languishing near Tuesday's five-month low of 103.19.