Business confidence plunged to decade lows in March as the spreading coronavirus outbreak stoked fears of a global recession and sent stock markets tumbling, according to the Reuters Tankan survey.

The monthly poll, released Tuesday, suggests that the Bank of Japan's tankan quarterly survey due April 1 will show a sharp deterioration in business sentiment among both manufacturers and nonmanufacturers.

The global spread of the virus has hammered world trade, supply chains and tourism, dealing a heavy blow to Japan's fragile economy, which was already teetering on the edge of recession.