diff --git a/target/ppc/translate.c b/target/ppc/translate.c
index c99983242608f7aecfaabfb2110ca1f9f6d5327a..fb18cedcf0671c34d3fa2a2615118681ce1dc726 100644
--- a/target/ppc/translate.c
+++ b/target/ppc/translate.c
@@ -4298,11 +4298,17 @@ static void gen_mtmsrd(DisasContext *ctx)
          *      if we enter power saving mode, we will exit the loop
          *      directly from ppc_store_msr
          */
+        if (tb_cflags(ctx->base.tb) & CF_USE_ICOUNT) {
+            gen_io_start();
+        }
         gen_update_nip(ctx, ctx->base.pc_next);
         gen_helper_store_msr(cpu_env, cpu_gpr[rS(ctx->opcode)]);
         /* Must stop the translation as machine state (may have) changed */
         /* Note that mtmsr is not always defined as context-synchronizing */
         gen_stop_exception(ctx);
+        if (tb_cflags(ctx->base.tb) & CF_USE_ICOUNT) {
+            gen_io_end();
+        }
     }
 #endif /* !defined(CONFIG_USER_ONLY) */
 }
@@ -4327,6 +4333,9 @@ static void gen_mtmsr(DisasContext *ctx)
          *      if we enter power saving mode, we will exit the loop
          *      directly from ppc_store_msr
          */
+        if (tb_cflags(ctx->base.tb) & CF_USE_ICOUNT) {
+            gen_io_start();
+        }
         gen_update_nip(ctx, ctx->base.pc_next);
 #if defined(TARGET_PPC64)
         tcg_gen_deposit_tl(msr, cpu_msr, cpu_gpr[rS(ctx->opcode)], 0, 32);
@@ -4334,6 +4343,9 @@ static void gen_mtmsr(DisasContext *ctx)
         tcg_gen_mov_tl(msr, cpu_gpr[rS(ctx->opcode)]);
 #endif
         gen_helper_store_msr(cpu_env, msr);
+        if (tb_cflags(ctx->base.tb) & CF_USE_ICOUNT) {
+            gen_io_end();
+        }
         tcg_temp_free(msr);
         /* Must stop the translation as machine state (may have) changed */
         /* Note that mtmsr is not always defined as context-synchronizing */