The given reaction represents the reduction of ferric chloride ($FeCl_3$) to ferrous chloride ($FeCl_2$) with sulfur dioxide ($SO_2$) acting as the reducing agent. In this reaction, sulfur dioxide reduces ferric chloride ($FeCl_3$) to ferrous chloride ($FeCl_2$), and itself gets oxidized to sulfuric acid ($H_2SO_4$). The reaction proceeds as:
\[
2 FeCl_3 + SO_2 + 2 H_2O \rightarrow 2 FeCl_2 + H_2SO_4 + 2 HCl
\]
Thus, Y is \( \text{SO}_2 \).