it's not a caret, it's a circumflex, and is intended to go <with> another character- for example, "Â".
Thus speaks an anglophone...
The symbol that you would call a caret in English that looks like a little roof, when used alone, is a character in its own right; the circonflexes or circumflexes that you see over certain characters in non-English alphabets are an integral part of those characters. Rather than having an extra key for each accented character, non-English keyboards are made with the scheme that miguel7808 has noticed, namely that you signify an accent (acento circunflejo) by typing a "dead key" then type the unaccented character. To get a caret alone, the next character should be a space.
Incidentally, did you know that in Italian the caret is often used to signify that a number is ordinal, (as the st, nd and rd do in 1st 2nd 3rd in English) thus 1^ is used to signify 1st, and 2^ to signify 2nd, and so on. This is because the ASCII character set lacks the ordinal indicator, a superscripted little dash and a circle (-o) or a (-a) depending on whether the number's grammatical gender is masculine or feminine respectively.