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It seems i guessed it right, 1) must be for the pause/full inventory menu.

Actually it appears in several parts, depending of the build/demo you're watching, in the 3DS conference the controls-hud is turned off, so we don't see it there. In the USA builds(must be older) it does not appear either, even with the controls hud on. But looks like in the recent japanese...

Probably 1) is for pause menu... I was just thinking, how the hell this game doesn't have a pause menu, only map or radial menus.Since it's not something that we'll use very often, and we won't need to use it immediately in the middle of the action, it's perfectly ok to be on the 1 or 2 buttons.