This MSDN article refer to 3 flavors of Visual Studio Express 2012:
"This includes Visual Studio Express 2012 for Windows 8, Visual Studio Express 2012 for Windows Phone 7, and Visual Studio Express 2012 for Web."
UPDATE:
Windows Phone SDK 8.0 and Visual Studio Express 2012 for Windows Phone releases have been announced on Oct 30 2012 in the Build conference.
According to http://www.microsoft.com/visualstudio/11/en-us/products/express they will be available as soon as the product group for Windows Phone will release again a newer version of the SDK (probably a major release).
Visual Studio Express 2012 for Windows Phone is now available and you can download it from here. Scroll down to the "Visual Studio Express 2012" section and expand the node for "Visual Studio Express 2012 for Windows Phone".
UPDATE: you can now find Visual Studio Express 2012 downloads here: https://www.microsoft.com/en-us/search/Results.aspx?q=visual%20studio%20express%202012&form=DLC
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