London

THE dollar climbed on Wednesday, nearing a 31/2-month high against the yen, as investors focused on a policy decision from the US Federal Reserve later in the day as well as any progress on President Donald Trump's tax reform plans.

The US central bank is expected to leave interest rates unchanged at the end of its meeting later in the day. Investors will be watching for confirmation that the Fed will resume raising rates next month and the timing of any moves in 2018, but they do not expect the decision to produce a large market reaction.