diff --git a/src/backend/llvm/branch_targets.cpp b/src/backend/llvm/branch_targets.cpp
index 43ed05c..7b45280 100644
--- a/src/backend/llvm/branch_targets.cpp
+++ b/src/backend/llvm/branch_targets.cpp
@@ -89,12 +89,15 @@ BasicBlock *FunctionEmitter::externalDestination(const DolIRTerminator &term,
     builder_.CreateRetVoid();
   } else {
     reloadCallCounters();
-    for (u32 state = 0; state < DOLIR_STATE_COUNT; state++) {
-      if (!used_[state])
-        continue;
-      auto stateSlot = static_cast<DolIRStateSlot>(state);
-      builder_.CreateStore(loadContext(stateSlot), state_[state]);
-    }
+    // The callee can invalidate anything the emitter had concluded about
+    // guest state: whether MSR[FP] was already checked, which slots hold
+    // known constants, whether paired-single addressing was proven.
+    // Reloading the values without dropping those conclusions leaves
+    // stateValue() returning a constant the callee has since overwritten.
+    // The fallback resume path already uses reloadUsedState() for exactly
+    // this reason; this path reloaded values by hand and skipped the
+    // invalidation.
+    reloadUsedState();
     builder_.CreateBr(blocks_[continuationBlock]);
   }
   builder_.restoreIP(saved);
diff --git a/src/backend/llvm/register_state.cpp b/src/backend/llvm/register_state.cpp
index 8de0335..4c692b9 100644
--- a/src/backend/llvm/register_state.cpp
+++ b/src/backend/llvm/register_state.cpp
@@ -58,6 +58,15 @@ void FunctionEmitter::noteStateWrite(DolIRStateSlot slot, Value *value) {
   } else if (slot == DOLIR_STATE_HID2) {
     psq_direct_proven_ = false;
     psq_indexed_proven_ = false;
+  } else if (slot == DOLIR_STATE_MSR) {
+    // MSR[FP] decides whether a floating-point instruction traps, and
+    // emitFPAvailable caches that answer for the rest of the region. A
+    // write to MSR can clear FP, so the cached answer has to go. Without
+    // this an mtmsr that disables FP mid-region leaves the FP
+    // instructions after it running unchecked, and the guest never takes
+    // the FP-unavailable exception its lazy FPU context switching is
+    // built on.
+    fp_available_checked_ = false;
   }
 }