You have a very good question. I couldn't figure it out either.
The 2011 manual shows a separate flasher at connector 16. This should be hanging in the wiring somewhere.
The 2011 estart manual has a pulse symbol at the switch location. That leads me to believe the flasher is built into the switch housing. While this seems unlikely, there is a black transistor gizmo I can't indentify in the housing. The small yellow unit is the LED source that illuminates the arrows.
I have not yet inspected all the wiring to look for a flasher. Since the US bikes are stripped of some electrical components from the factory, it is likely there is no flasher on them.
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2011 EC250E
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