PREVIEW-BOJ seen cutting growth forecast, keeping scenario

* What: Bank of Japan one-day monetary policy meeting and

half-yearly economic outlook report

* When: Oct. 31. Policy decision likely around 1-2 p.m.

(0400-0500 GMT). Outlook report due at 3 p.m. (0600 GMT)

* Key overnight call rate target seen held at 0.50 percent.

Outlook report to cut growth, CPI forecast.

By Leika Kihara

TOKYO, Oct 29 (Reuters) - The Bank of Japan is seen cutting its growth and inflation forecasts and stressing more the downside risks, as markets push back still further into next year expectations of when the central bank will next increase rates.

The BOJ is expected to keep interest rates unchanged at 0.50 percent at its policy meeting on Wednesday, a few hours before the Federal Reserve is due to rule on U.S. rates.