The yen swung between losses and gains after the Bank of Japan kept interest rates unchanged, while the dollar struggled ahead of the Federal Reserve's policy decision. The BOJ maintained its short-term interest rate target at 0.5%, citing global economic risks. Traders were hesitant to take on fresh positions ahead of the conclusion of the Fed's March policy meeting. The Fed's decision will be crucial for investors eager to know the central bank's outlook on Trump's policies and their impact on the US economy.