Quests
From Yo-Kai Watch Wiki
Requests
Requests are sidequests that task the players to complete various objectives for NPCs. Requests are represented by blue flags on the map or blue balloons above NPCs' heads. Requests available ability depend on Story progress, Watch Rank, time, weather and others. There are 111 requests in Yo-kai Watch.
Favors
Favors are repeatable sidequests from NPCs that task the players to defeat Yo-kai or collect items. Favors are represented by orange flags on the map or orange balloons above NPCs' heads. Their availability depend on Story progress and time.
Yo-kai Spots
Yo-kai Spots are locations in the Yo-kai world where players can find Yo-kai. Players can use their Yo-kai Lens at these spots to battle and even befriend hidden Yo-kai. Yo-kai Spots are repeatable.