Instead, QQE initially led to strong inflows into Japanese equities – a confidence effect similar to the one I have just described for the euro area. However, these inflows reversed relatively quickly. [9] In the United States, by contrast, the holding structure of the Treasury market is more similar to that of the euro area bond market, but actual purchase patterns are notably different.
Page 6 of 8  There are several reasons to expect better growth over the medium term.