Week of 4 May 2026
Weekly markets 04 05 2026
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Japan’s finance ministry takes its most dramatic step in years this week — spending an estimated $30bn to defend the Yen during Golden Week, when thin liquidity makes currency moves land harder. We unpack why the war in Iran has made the Yen particularly vulnerable, and why carry trades are piling on the pressure even as authorities intervene. Then we look at how Chinese car makers are reshaping the global industry: exports have quadrupled since 2020 to 8.5 million vehicles, and European giants like Renault and Mercedes are now developing cars in China. We close with Mexico’s stubborn cash culture — a country where 85% of small purchases are still paid in notes and coins, and fintech firms are struggling to change the habit of a lifetime.
