Taiwan shuts stock market, schools as Typhoon Champi nears; over 900 flights cancelled

Taiwan’s stock market will remain closed on Friday, October 23, as part of an island-wide shutdown tied to Typhoon Champi, with authorities also shutting schools and offices across much of the island.

The closure affects Taiwan’s stock exchange, a market described as the world’s fifth-largest, amid broader regional market pressure linked to technology-sector earnings and AI-related spending.

More than 900 flights were cancelled for the day, including all 262 domestic services and over 350 international flights, according to Bloomberg. Train services were disrupted and Taipei’s public transport operated with reduced services.

Typhoon Champi was already a strong system, with sustained winds near 155 km per hour, comparable to a Category 2 hurricane, as reported by Taiwan’s Central Weather Administration. The storm has caused at least one fatality and injuries to 94 people according to government statements.

Forecasts indicate Champi will pass just east of Taipei early Saturday and curve northeast along China’s eastern coast toward Japan, with expectations that cooler ocean waters and wind shear will eventually weaken the storm but its wind field will continue to pose risks.

Authorities warned of torrential rainfall in northern Taiwan’s mountainous areas, highlighting risks of flooding and landslides, while the storm’s impact is also anticipated to affect Japan’s southwestern islands.