diff --git a/Source/Core/Core/PowerPC/JitArm64/Jit.cpp b/Source/Core/Core/PowerPC/JitArm64/Jit.cpp
index 4a22d1c964..8555f2b5f2 100644
--- a/Source/Core/Core/PowerPC/JitArm64/Jit.cpp
+++ b/Source/Core/Core/PowerPC/JitArm64/Jit.cpp
@@ -694,6 +694,15 @@ void JitArm64::DoJit(u32 em_address, JitBlock* b, u32 nextPC)
     if (!SConfig::GetInstance().bEnableDebugging)
       js.downcountAmount += PatchEngine::GetSpeedhackCycles(js.compilerPC);
 
+    // Skip calling UpdateLastUsed for lmw/stmw - it usually hurts more than it helps
+    if (op.inst.OPCD != 46 && op.inst.OPCD != 47)
+      gpr.UpdateLastUsed(op.regsIn | op.regsOut);
+
+    BitSet32 fpr_used = op.fregsIn;
+    if (op.fregOut >= 0)
+      fpr_used[op.fregOut] = true;
+    fpr.UpdateLastUsed(fpr_used);
+
     // Gather pipe writes using a non-immediate address are discovered by profiling.
     bool gatherPipeIntCheck = js.fifoWriteAddresses.find(op.address) != js.fifoWriteAddresses.end();
 
diff --git a/Source/Core/Core/PowerPC/JitArm64/JitArm64_RegCache.cpp b/Source/Core/Core/PowerPC/JitArm64/JitArm64_RegCache.cpp
index 4a3f255c71..d0d861d992 100644
--- a/Source/Core/Core/PowerPC/JitArm64/JitArm64_RegCache.cpp
+++ b/Source/Core/Core/PowerPC/JitArm64/JitArm64_RegCache.cpp
@@ -41,10 +41,22 @@ ARM64Reg Arm64RegCache::GetReg()
   // Holy cow, how did you run out of registers?
   // We can't return anything reasonable in this case. Return INVALID_REG and watch the failure
   // happen
-  WARN_LOG_FMT(DYNA_REC, "All available registers are locked dumb dumb");
+  ASSERT_MSG(DYNA_REC, 0, "All available registers are locked!");
   return INVALID_REG;
 }
 
+void Arm64RegCache::UpdateLastUsed(BitSet32 regs_used)
+{
+  for (size_t i = 0; i < m_guest_registers.size(); ++i)
+  {
+    OpArg& reg = m_guest_registers[i];
+    if (i < 32 && regs_used[i])
+      reg.ResetLastUsed();
+    else
+      reg.IncrementLastUsed();
+  }
+}
+
 u32 Arm64RegCache::GetUnlockedRegisterCount() const
 {
   u32 unlocked_registers = 0;
diff --git a/Source/Core/Core/PowerPC/JitArm64/JitArm64_RegCache.h b/Source/Core/Core/PowerPC/JitArm64/JitArm64_RegCache.h
index 4e37df9528..55c86bd4ab 100644
--- a/Source/Core/Core/PowerPC/JitArm64/JitArm64_RegCache.h
+++ b/Source/Core/Core/PowerPC/JitArm64/JitArm64_RegCache.h
@@ -140,6 +140,8 @@ public:
   // Requires unlocking after done
   Arm64Gen::ARM64Reg GetReg();
 
+  void UpdateLastUsed(BitSet32 regs_used);
+
   // Locks a register so a cache cannot use it
   // Useful for function calls
   template <typename T = Arm64Gen::ARM64Reg, typename... Args>