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.

Typhoon Krathon is expected to hit the major port city of Kaohsiung in the island's southwest early this afternoon then move across the center of Taiwan and northeast toward the East China Sea, according to the Central Weather Administration. It is expected to be felt in the capital, Taipei, today and Thursday.

Taiwan closed schools and offices and evacuated hundreds from vulnerable areas around the island ahead of a strong typhoon expected to hit its populated western coast