The Mr. Game & Watch Team's costumes represent the Jinjos, a race of colorful big-nosed creatures who are often found in groups in each level of Banjo-Kazooie.
The blue Giant Mr. Game & Watch represents The Mighty Jinjonator, a giant blue Jinjo who is summoned by Banjo and Kazooie and merged with the smaller Jinjos.
The stage and music track represent Freezeezy Peak, an icy mountainous world in the Jinjo's debut game, Banjo-Kazooie.
The Mr. Game & Watch Team's frequent down aerial attacks reference the final boss battle against Gruntilda in Banjo-Kazooie where the Jinjos fly and ram into Gruntilda's protective forcefield.
The battle conditions reference the end of the boss battle against Gruntilda in Banjo-Kazooie where The Mighty Jinjonator is summoned and finishes the battle by repeatedly ramming into Gruntilda's forcefield and knocking her off the top of her lair.
