The dollar was flat at around ¥108.85 in Tokyo trading late Wednesday, with investors paying close attention to upcoming policy-setting meetings of the U.S. and Japanese central banks.

At 5 p.m., the dollar stood at ¥108.85, unchanged from the same time Tuesday. The euro was at $1.1121, up from $1.1082-1086, and at ¥121.05-06, up from ¥120.65.

The dollar was almost standstill between ¥108.80 and ¥108.90 in Tokyo trading, as market players stayed on the sidelines to see the outcomes of the U.S. Federal Reserve’s Federal Open Market Committee meeting through later on Wednesday and the Bank of Japan’s Policy Board meeting through Thursday, traders said.

“A fall in the Nikkei stock average weighed on the dollar-yen rate, but this did not spur sharp dollar selling,” a currency broker said.

The Fed is widely expected to cut interest rates by 0.25 percentage point and the BOJ to maintain its current easing policy, traders said.

“Active trading was kept in check amid a growing wait-and-see mood” before the FOMC and BOJ meetings, an official of a major Japanese bank said.