An important question: Who sells bonds under quantitative easing?

When a central bank buys bonds under quantitative easing, the seller of the bonds can be: Households Institutional investors Banks Non-residents The nature of the seller of bonds is important, as it determines the normally expected effect of quantitative easing. If households are sellers, stimulation of consumption and housing purchases; if institutional investors are sellers, purchases of risky bonds, equities and real estate; if banks are sellers, stimulation of lending; if non-residents are sellers, normally a depreciation of the exchange rate if non-residents do not keep the foreign currency they receive in exchange . In the United States (2009-2014), the main seller was households; in Japan (since 2013), the main seller was banks; in the euro zone (2015-2018), the main seller was non-residents and households.