If a Ptime function loses x bits of data at every call, is it a one way function?

Question

If we have a computational function $f(x)=g(f(x-1)^2)$, where $g(y)$ is a floating point operation, mapped onto a given number of bits say 32 bits (thus leading to loss of a given number of precision bits every time), is the function a one-way function?