I would set Japanese dub with English subtitles. I really can't imagine these characters speaking English.
English subs are default, although there has been few surprises. I remember years ago when I was visiting my brother who lived at the time with his friends in same apartment. He showed me PlayStation 3 and I tried Heavenly Sword. I jumped on my seat when I noticed that game had Finnish subtitles! That's pretty rare, usually kids games have Finnish subs or dub, but this was quite positive surprise.
Not that I expect Finnish subs in KOF XIV. That would sound quite funny to be honest.