Japan's wholesale inflation has reached a 30 year high. At the same time, India warned that rising costs would hurt economic growth.

As commodity costs soared, wholesale price inflation in Japan hit a 27 year high, up 7.1% in July.

This is the largest increase in the price of inter company goods since 1981, and in 1981, Japan has not yet gone out of the second oil crisis.

Kaoru Yosano, Minister of Finance and economics, said that the surge in food and oil prices has caused labor pains, but the destruction of energy may not last.

Yosano said that although there are signs that the Japanese economy may be on the brink of recession, he believes this is temporary.

Government officials are formulating measures to stimulate economic growth.

In addition, India government officials said that in the current fiscal year, India's economic growth may slow down to 7.7%.

Authorities say the slowdown in growth is due to high food and oil prices and tight credit, and the securities market has been affected by the US subprime mortgage crisis.

India's agricultural growth is expected to be 2%, much lower than the growth rate of 4.5% last year.

Growth in India's industrial and service sectors may also slow down.

Last week, Chinese athlete Lining, as the last torch bearer of the Beijing Olympic Games, attracted the attention of the whole world, and the stock of Lining sportswear company rose sharply.

Li Ning Co is China's largest shoe and clothing company. After the opening ceremony of the Olympic Games, Li Ning Co's stock in Hongkong increased by 5%.

Officials of the Philippines Software Industry Association say that Philippines's software exports will reach nearly $1 billion by 2010, and exports will reach US $423 million last year.

Insiders say the company's main goal is the US market, and now the US companies are just beginning to develop the software development outsourcing business to foreign countries.