The dollar rose against the yen after the Federal Reserve said it expects to hike short-term interest rates slightly faster in the next two years than previously forecast. The Fed also decided to cut its monthly bond purchases by $10 billion, in line with expectations. The dollar rose to �102.26 from �102.15 late Tuesday. It swung in the wake of the decision, hitting an intraday low in the seconds following the release. The ICE dollar index , a gauge of the dollar's strength against six rivals, inched up to 80.643 from 80.607 late Tuesday.

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