TAIWAN CLOSES STOCK MARKET AS TYPHOON CHAMPI APPROACHES

Taiwan closed its stock market on Friday, 23 October, as Typhoon Champi approached the island. Schools and offices across most of Taiwan also shut. Flight cancellation tallies put the total above 900, including all 262 domestic flights and more than 350 international services cancelled by Taiwan’s transport ministry. Government statements reported at least one death and 94 injuries. Taiwan’s Central Weather Administration said Champi had sustained winds of 155 km/h after weakening from super typhoon strength earlier in the week.

Taiwanese authorities warned that heavy rain in northern mountain areas could cause flooding and landslides. Several train services were disrupted, while public transport in Taipei ran reduced services. In Japan, Okinawa Electric Power said 3,630 households had lost electricity as the typhoon brought strong wind and rain. The company said dangerous outdoor conditions had led it to carry out restoration work remotely. Prime Minister Sanae Takaichi urged people to “exercise extreme caution against storm-force winds, high waves, sediment disasters and storm surges through tomorrow”.

Takaichi also warned of flooding in low-lying areas and rising rivers in the Okinawa and Amami regions. Forecasters expect Champi to pass east of Taipei early on Saturday before turning northeast along China’s eastern coast towards Japan. They expect cooler waters and increasing wind shear to weaken the storm further. The expected route places Japan’s southwestern islands in the path of its wind and rain. Taiwan’s market closure came amid scrutiny of technology company earnings and spending on artificial intelligence across regional markets.