The katakana on the packaging is: ピート
This is the Japanese transliteration (not translation, per se--the katakana are an attempt to directly convert the sound of foreign words into Japanese syllables) of both the proper western name "Pete" ("Peter" is ピーター) and the English noun "Peat". Both are imported words, but only "Peat" would appear in a Japanese dictionary. What happened is that some graphic artist had the materials for this toy dumped on his desk, saw "ピート", didn't know what it meant (why would he?), looked it up in a dictionary and saw "Peat" (or possibly already knew the word "Peat", shrugged, and went with it), made the decal, and skipped away into fandom history.
It's a simple case of mistransliteration (believe me, you see this kind of crap and worse all the time in Japan). The packaging says "Pete" (in katakana), it's the counterpart to the U.S. toy "Pete", and the shield says "Pete". The name is Pete. If you want to be a super literalist about it, then the name should really be "ピート".