In my experience most Japanese will not respond verbally to this at all. It totally depends upon who you're "thanking."
Someone at the corner convenience store will merely nod (maybe) and as you walk out, will shout in a loud voice (to nobody -- it's a robotic response) "Arizatozaimashtaaaaaah" just like all his/her colleagues.
If you are a foreigner, a normal Japanese will never respond with "iiee," "Iya" (I would say more possible) and CERTAINLY not "tonedemonai" or "dou itashimashite."
Excessive bowing will definitely take those places, or merely a rigid smile and a fervent wish for you and your foreignness to depart as quickly as possible.
Please do NOT say things like "arigatou gozaimashita" to store clerks; it's bizarre and unnatural. Don't even bother with "arigatou." A simple "doumou" will be precisely what you should say and what they will expect.
To this you should expect no verbal response past perhaps a "hai" or most probably, nothing at all.