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.

Schools, offices and financial markets closed as a weakened Typhoon Krathon approached the west coast of Taiwan. It is expected to hit the port city of Kaohsiung before moving towards capital, Taipei.

Typically, typhoons strike Taiwan’s sparsely populated and mountainous eastern coast. However, Krathon will impact the island’s flat western plain, making landfall between Kaohsiung and Tainan early Thursday. It will then move up the west coast towards Taipei, according to the Central Weather Administration.