The yen was up against the US dollar today because market participants treaded with caution ahead of the conclusion of the two-day Federal Open Market Committee meeting on Wednesday.Over the past few days, equity markets have gained on expectations of continued economic support from the US Fed.Some market participants expect the US central bank to commit to low interest rates for the near or medium term by putting a cap on Treasury yields, as the yield curve has steepened sharply over the last few days. Market participants are waiting for cues on future trajectory of interest rates in the US. At the previous monetary policy meeting, the Fed had said that economic recovery would take almost a year. Further, risk appetite has weakened due to tensions between North Korea and South Korea. The former reportedly said it will cease communications with the latter. Even though the non-farm payrolls data showed some signs of revival in the US labour market, investors do not expect any major policy decisions by the Fed in its two-day monetary meeting. But policymakers are likely to discuss the jobs report and provide its first set of economic projections since December.On Monday, the US central bank eased the terms of its "Main Street" lending programme by reducing the minimum loan size from $500,000 to $250,000 and extending the term from four to five years in order to encourage participation by more businesses and banks. This also buoyed the optimism about global economic recovery.