This study analyzes the shareholding network of Japanese listed companies from 2001 to 2023 using the bow-tie structure and PageRank. Results reveal changes in the long-term ownership structure over the period as well as similarities across industries. While cross-shareholding has been declining due to economic crises and government interventions, it nevertheless persists. The distributions of out-degree, out-strength, and PageRank in the network follow a power-law distribution. The size of the core cross-shareholding network has shrunk, and the number of nodes not connected to the core network has increased. Changes in the bow-tie structure vary by industry; some industries experience an increase in the proportion of upstream ownership, while others see a rise in downstream ownership. Applying PageRank quantified temporal changes and differences in the influence of individual industries within the cross-shareholding network. In addition to banks, industries such as iron & steel, pulp & paper, information & communication, and real estate were found to have strong influence. Cross-shareholding structures have evolved under policy influence, emphasizing the significant role of government in improving market efficiency. Policies that consider industry-specific characteristics are needed, and further research is required to elucidate the underlying mechanisms.