I don't believe there is a deep/historical reason behind it. Red for Sunday is somewhat common (beyond Seiko) and blue for Saturday is likely just another contrast against the weekdays. The lighter tone of blue used always reminds me of a "fun"/energetic color which is relevant for Saturday.
One thing I've never understood is why the color combinations are not adjusted for those with Arabic alternate dials as these are intended for those in Islamic countries where the weekend in Fri-Sat.
One thing I've never understood is why the color combinations are not adjusted for those with Arabic alternate dials as these are intended for those in Islamic countries where the weekend in Fri-Sat.