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

The storm is currently located approximately 260 kilometres southeast of Taiwan’s southernmost point, Cape Eluanbi. It is slowly moving west-northwest at 5 kmph, with maximum sustained winds of 213 kmph and gusts up to 260 kmph, making it close to a Category 4 hurricane.

Taiwan will close its $2.5 trillion stock market as Super Typhoon Krathon approaches the island with strong winds and heavy rain.The market will not conduct securities, currency or fixed-income trading on Wednesday,