A Tokyo court approved the release of former Nissan Chairman Carlos Ghosn on 1 billion yen ($8.9 million) bail on Tuesday, rejecting an appeal by prosecutors to keep him jailed, a lawyer for the auto executive said.

He could be freed as soon as Wednesday morning, according to Japan's Kyodo News.

Jean-Yves Le Borgne, Ghosn's French lawyer, said a court issued a late-night ruling rejecting prosecutors' appeal of the initial ruling. Le Borgne cautioned that prosecutors still had leeway to file new charges as they had done once before.

Ghosn said in a written statement that he is grateful for his family and friends who had stood by him "throughout this terrible ordeal."

He said he is "innocent and totally committed to vigorously defending myself in a fair trial against these meritless and unsubstantiated accusations."

The former head of the Renault-Nissan-Mitsubishi Motors alliance has been detained since he was arrested on Nov. 19. He says he is innocent of charges of falsifying financial information and of breach of trust.

His Japanese lawyer, Junichiro Hironaka, is famous for winning acquittals in Japan, a nation where the conviction rate is 99 percent.

Hironaka said the legal team "proposed concrete ways showing how he would not tamper with evidence or try to flee."

Hironaka said Monday that he had offered new ways to monitor Ghosn after his release, such as camera surveillance. Hironaka also questioned the grounds for Ghosn's arrest, calling the case "very peculiar," and suggesting it could have been dealt with as an internal company matter.

In Japan, suspects are routinely detained for months, often until their trials start. That's especially true of those who insist on their innocence.

The 1 billion yen bail set by the court was relatively high but not the highest ever in Japan.

Among the conditions for Ghosn's release were restrictions on where he can live, his mobile phone use, as well as a ban on foreign travel and contact with Nissan executives, according to Kyodo News.