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**CORSIA Demand Signal Emerges.** A Japanese airline retired 200,000 credits under Phase 1 of the ICAO CORSIA offsetting scheme, marking a notable uptick in buying activity after months of low liquidity ([Carbon Pulse](https://carbon-pulse.com/566400/)). With CORSIA's pilot phase now transitioning toward broader compliance obligations, this retirement is an early demand-side indicator that airlines are beginning to secure eligible units. Market participants should watch whether this catalyses further retirements and tightens supply of CORSIA-eligible credits — particularly high-integrity avoid…