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Taiwan shut down schools and closed its financial markets on Wednesday as Typhoon Krathon pounded the island with torrential rains and strong winds ahead of its expected landfall.

Krathon, with sustained wind speeds of 144 kilometers (89 miles) per hour and gusts of up to 180 kph, was 100 kilometers southwest of the major port city Kaohsiung at 9 pm (1300 GMT), the Central Weather Administration (CWA) said.

The government announced that offices and schools across the island will remain closed on Thursday. The interior ministry said around 10,000 people had been evacuated from vulnerable areas as a precaution.

The typhoon, downgraded overnight to medium from strong under Taiwan's measurement system, was expected to arrive near southwestern Kaohsiung or Tainan on Thursday morning the agency said, a day later than previously forecast.

"This typhoon is moving very slowly. The time of its landfall continues to be delayed," said CWA chief Cheng Chia-ping, adding it will weaken rapidly after landing.

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