Dollar Falls to Seven-Month Low Versus Yen Before Fed Decision

The dollar fell to the weakest in seven months versus the yen amid speculation the Federal Reserve will announce bond buying to bolster the economy in a program of quantitative easing that tends to debase the currency.

The greenback traded at almost a four-month low against the euro before the central bank also releases policy makers’ forecasts for unemployment, inflation and the expected path of the federal funds rate. The Russian ruble gained versus the greenback after the country’s central bank unexpectedly raised all of its policy rates by a quarter-percentage point.