Prosecutors quickly appealed the court's decision, delaying his immediate release but public broadcaster NHK said he could walk out of his detention centre "as early as Thursday".
It is believed that Ghosn ad used the money from Nissan for his personal investments into 30 companies.
Prosecutors suspect that Carole Ghosn's company used the money partly to fund the purchase of a luxurious yacht mainly for their family's use.
Ghosn, who cannot be officially removed from his seat on the board without an extraordinary shareholders' meeting, is preparing his defence against charges of financial misconduct.
Though prosecutors appealed against the decision to grant Ghosn bail, Ghosn is banned from leaving Japan and must adhere to conditions aimed at preventing him from fleeing or destroying evidence.
The acceptance of Ghosn's request for bail, his third, came a day after one of his lawyers said he was confident the auto executive would gain his release.
After a meeting on Wednesday, the board also said that he was not eligible for millions of euros' in stock options which were "subject to his presence within Renault".
The former Nissan executive has been in detention since November 19 and faces three charges including under-reporting his compensation and attempting to shift losses to his employer's books.
Former head of the alliance Ghosn is being held in Japan on charges he under-reported millions of dollars in pay as head of Nissan.
The purpose of the hearing was for the court to explain the reasons for Ghosn's continued detention on suspicion of financial misconduct.