By Yimou Lee, Fabian Hamacher and Ann Wang KAOHSIUNG, Taiwan (Reuters) -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.

The storm has already injured 46 people and forced thousands of evacuations, the authorities said, warning that torrential rain could cause landslides and flooding.