So I checked out the exposure setting taps, and it looks like we were off in our initial conclusion. If you manually set an exposure spot metering point tapping outside the grid box does not cancel it. You need to press the x on the top left corner of the spot exposure circle to cancel it.
Based on that it looks like the grid box is actually the place within the frame that one can manually set exposure. Clicking outside this box has not effect, and the grid box is flashing to show the limits of spot metering.
Good catch btw on the fixed lens. Wording of the manual led me to believe that the lens was actually focusing, whereas in reality it's probably fixed to the hyperfocal distance.