Just confirmed with my wife too, who is Japanese (and read the announcement in Japanese and watched the videos where Yoshida explains) and she confirmed. You won't be punished simply because someone "feels offended" and reports you. They will go over logs and investigate before any action is taken, and they will actually punish false reporting quite severely as well. It isn't simply about "I feel offended" and that's enough. It has to actually fall into objective guidelines of essentially what amounts to "d-bag" behavior.
Repeat, it's not carte blanche to report anyone you feel like and claim you were offended.