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TOKYO (AFP) — Toyota Motor Corp. said Wednesday that it was considering raising its prices in response to soaring material costs, following a report that it is preparing to announce hikes in Japan for next month.

According to the Nikkei business daily, Japan's top automaker has began notifying affiliated dealerships of the planned price increases.

It would be the first time since 1974 that the auto giant has raised the domestic prices of existing passenger vehicles, rather than waiting for the launch of new models, the newspaper said.

The increases of between one and three percent are likely to apply to vehicles most affected by rising steel and raw metal prices, such as the Prius hybrid and the Dyna truck, the report said without naming any sources.
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