TOKYO (Reuters) -Japan's household spending posted a surprise drop in May, falling for the third consecutive month as the global chip shortage hurt car sales in a worrying sign for the outlook of the world's third-largest economy.

Japan's household spending posted a surprise drop in May, falling for the third consecutive month in a worrying sign for the long-term outlook of the world's third-largest economy.

Private equity firm KKR & Co Inc is preparing to launch its first two credit funds dedicated to investing based on environmental, social and corporate governance (ESG) principles later this year, according to an internal memo seen by Reuters.

A SoftBank-owned company is thriving by offering face-recognition technology fuelled by a blacklisted Chinese firm to the likes of Mastercard and Visa, an opportunity for the Japanese conglomerate, fraught with geopolitical and privacy risks.