Why is there a flashing arrow above Kakariko Village in Ocarina of Time?

Dark Hawk

New member
I'm right at the point before the final battle with Ganondorf, and there is a flashing red arrow on the map above Kakariko Village, presumably signifying that I need to go there. But when I go (both as Adult and Young Link) I can't find anything important. What's the deal with the arrow?
 
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