The bank of Japan has shown the markets that it still has the power to suprise. In the wake of QE ending in the U.S. the BOJ has laid out an 80tn yen a year buyback of government bonds, 10tn more than before.
Looking at the global marketplace it seems there is a split in the sentiment of the direction from here. Inflation seems dead, in fact deflations seems to be the real concern if taking your cues from the bond markets. QE is also being pursued in Japan and (hopefully) in Europe soon. The US Fed has struck a more hawkish tone in the us than was expected by investors meaning that they believe in sustained growth in the US economy going forward.
Taking the longer view, the move by central banks and the US economy should bring back growth, and inflation as a result. This would make a good case for owning real assets over this period as prospect will formulate and change sentiment towards higher inflation and a slower rise in rates than previous cycles.