The Fed also said it left interest rates unchanged at 0.25%.
In U.S. trading on Wednesday, USD/JPY was trading at 97.70 down 0.35%, up from a session low of 97.59 and off a high of 98.53.
The pair was likely to find resistance at 98.53, the earlier high, and support at 97.59, the earlier low.
The Fed is currently buying USD85 billion in Treasury holdings and mortgage debt a month from banks to keep long-term interest rates low across the economy, a stimulus tool known as quantitative easing, which weakens the dollar as a side effect.
"The committee is prepared to increase or reduce the pace of its purchases to maintain appropriate policy accommodation as the outlook for the labor market or inflation changes," the Fed said in a statement.
"The committee today reaffirmed its view that a highly accommodative stance of monetary policy will remain appropriate for a considerable time after the asset purchase program ends and the economic recovery strengthens," the Fed added, which allowed the dollar to soften.
Elsewhere, the Bureau of Economic Analysis reported earlier that the U.S. gross domestic product grew at an annual rate of 1.7% in the three months to June, shooting past expectations for a 1.0% reading
The report showed personal consumption grew 1.8% in the second quarter, above expectations for 1.6%. Consumer spending typically accounts for nearly 70% of U.S. economic growth.
Separately, payroll processing firm ADP said non-farm private employers created 200,000 jobs in July, above expectations for an increase of 180,000.
Data also showed that the Chicago purchasing managers' index rose less than expected in July, hitting 52.3 from 51.6 in June. Analysts had expected the index to rise to 54.0 for July.
The data gave the dollar some support, as sooner or later, the Fed will begin to taper asset purchases.
The yen, meanwhile, was up against the pound and down against the euro, with GBP/JPY down 0.20% and trading at 149.08 and EUR/JPY trading up 0.27% at 130.37.
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