News Today - Aug 12

* A drop on Wall Street ahead of the Fed decision spreads across the ocean to Asia, with most major asian markets lower in early action.

* Japan’s economy grew last quarter for the first time in more than a year as rebounds in exports and consumer spending helped the country climb out of its worst postwar recession, the government is expected to say next week.

* India’s 7 percent economic growth target may be jeopardized as the weakest monsoon rains in five years threaten harvests, according to economists.

* Wholesale prices in Japan fall a record 8.5% in July from the year-earlier period, though the heavy drop still manages to beat forecasts.

* China's imports of oil and iron ore hit a record high in July, customs data showed Tuesday, as the nation's $586 billion stimulus plan continues to push up demand for commodities.