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Paul Krugman, Krugman & Co.: "Yet some commentators believe that surging commodities costs might make Japan's persistent deflation simply go away. 'Japan could do with a little inflation. At home at least,' James Simms wrote in a recent online column for The Wall Street Journal. Noting that prices for Japanese imports jumped 4.7 percent in January over last year, he added, 'Not everyone's groaning over the rise in commodities prices. Mining equipment makers such as Hitachi Construction Machinery will benefit from sales as commodity exporters rush to increase production while prices are high.'"
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