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The Bank of Japan is likely to consider revising its inflation and growth forecasts later this month as a weaker yen and cost-push inflation force more companies to pass on higher costs to consumers, according to people familiar with the matter.

The central bank will probably raise its quarterly price projection to its target level of 2% or above for the year ending next March from the 1.9% view it gave in April, according to the people. An upward revision of the 1.1% forecast for the following year is also likely to be discussed at the meeting on July 20 and 21, they said.

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