Taiwan shut down on Wednesday, grounding hundreds of flights and closing schools, offices and financial markets ahead of the arrival of a weakening Typhoon Krathon with one person reported dead and torrential rain lashing the island's south.

A typhoon bringing strong winds and torrential rainfall is slowly advancing toward Taiwan, where thousands have been evacuated from vulnerable low-lying or mountainous terrain.

Typhoon Krathon barreled ashore on Taiwan on Thursday packing winds in excess of 100 mph and torrential rain, killing at least two people, injuring 123 and bringing the island to a standstill.