The pack tied for fourth also includes the leading Japan Golf Tour player Aguri Iwasaki (68) and one of the co-leaders after 36 holes, Jay Mackenzie (71).
Peake seized the outright lead by snaring six birdies without a bogey in his first 14 holes, building a lead of four shots before he bogeyed two of his last four.
“To be honest, out of the three days that we’ve played, that’s the worst I’ve actually played. I just felt I was under the pump all day,” Peake said.
“I’m still stinging a little bit from that finish. I just hit a few poor shots coming home there.
“I’m not really looking forward to the conversation in about 10 minutes with my coach.”
Japan-Australasia Championship top five Kiwis in the field
Kazuma Kobori: -11 and tied for second
Ryan Xie and Nick Voke: -10 and tied for fourth
Cameron Harlock: -6 and tied for 29th
Kerry Mountcastle: -4 and tied for 43rd