The same issue was experienced on my 2010 qx56. Sprial cable was the culprit. Symptoms included the flashing airbag light you are describing but also my cruise control indicator was also flashing and not responding to button selections on the wheel to engage it.
Decided to replace the entire
multi-function switch which not only comes with a new spiral cable + steering position sensor but also new switch levers/light controls/wiper controls.
What I failed to notice in the service manual is that this will also need to be "re-programmed" to allow for the new parts to talk with the existing BCM/ECM. This includes steering position neutral-position recalibration and calibration of the Decel G sensor using a "Consult-III" device which the dealer/service department has access to.
Total cost to fix: $447.89 + about 30 minutes of my time to physically swap out the multi-function switch
1. multi-function switch = $327.89 USD
2. Reprogram with a Nissan/Infiniti Consult device = $120 USD by the dealer