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If I am reading a small line of text, a sign or a single sentence; then no. As far as I know my mind just looks for the words, puts them together and makes sense out of it. However if I am reading something longer than a sentence, or instructions than yes I will "think" in English.

As a person learning Japanese I find that with basic words or sentences that I will think Japanese, however when I have difficulty my mind attempts to translate the things in the sentence I do know, and then I try to piece them together to get an idea of what the sentence is about.