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.

At least three people have died from extreme weather caused by Typhoon Krathon. Taiwan saw its first death related to the typhoon on Wednesday when an elderly man in Hualien fell from a tree, the fire department said. Earlier two people died as Krathon brought extreme rainfall to the northern Philippines. Dozens of people have also been injured.

The storm is expected to bring torrential rain this week to Taiwan’s southwest, including Kaohsiung, the island’s third-largest city.