Domestic QE in Japan; international QE in the euro zone: What differences?

In Japan, quantitative easing has mainly taken the form of banks selling bonds to the central bank. We call this “domestic QE”. In the euro zone, quantitative easing has mainly taken the form of non-residents selling bonds to the central bank. We call this “international QE”. In both cases, the additional demand for bonds from the central bank drives down long-term interest rates. But in the case of domestic QE, one may hope that the additional liquidity held by domestic economic agents will lead to additional lending (in Japan, it is banks that have sold bonds) and domestic demand. In the case of international QE, one should rather expect non-residents to reinvest the additional cash they receive either in other financial assets in the same currency (for example equities), whose prices then rise, or in other currencies, in which case the currency of the country that implements international QE will depreciate.