The caret accent in Welsh is called a 'to bach' which literally means 'little roof'. In addition the letters w and the y in Welsh, can also take a to bach, or circumflex, caret, like so. Most Welsh alphabet characters are 'standard', except that all the vowels can take a circumflex, or to bach.
Typing Welsh characters and accents can present a small problem to the Windows PC user, but this is easily overcome.