diff --git a/target/s390x/cpu-param.h b/target/s390x/cpu-param.h
index bf951a002e..467ecade8c 100644
--- a/target/s390x/cpu-param.h
+++ b/target/s390x/cpu-param.h
@@ -13,5 +13,6 @@
 #define TARGET_PHYS_ADDR_SPACE_BITS 64
 #define TARGET_VIRT_ADDR_SPACE_BITS 64
 #define NB_MMU_MODES 4
+#define TARGET_TB_PCREL 1
 
 #endif
diff --git a/target/s390x/cpu.c b/target/s390x/cpu.c
index c31bb2351f..6721bf937c 100644
--- a/target/s390x/cpu.c
+++ b/target/s390x/cpu.c
@@ -35,6 +35,7 @@
 #include "fpu/softfloat-helpers.h"
 #include "disas/capstone.h"
 #include "sysemu/tcg.h"
+#include "exec/exec-all.h"
 
 #define CR0_RESET       0xE0UL
 #define CR14_RESET      0xC2000000UL;
@@ -81,11 +82,14 @@ uint64_t s390_cpu_get_psw_mask(CPUS390XState *env)
     return r;
 }
 
-static void s390_cpu_set_pc(CPUState *cs, vaddr value)
+static void s390_cpu_synchronize_from_tb(CPUState *cs,
+                                         const TranslationBlock *tb)
 {
-    S390CPU *cpu = S390_CPU(cs);
-
-    cpu->env.psw.addr = value;
+    /* The program counter is always up to date with TARGET_TB_PCREL. */
+    if (!TARGET_TB_PCREL) {
+        S390CPU *cpu = S390_CPU(cs);
+        cpu->env.psw.addr = tb_pc(tb);
+    }
 }
 
 static bool s390_cpu_has_work(CPUState *cs)
@@ -265,6 +269,7 @@ static void s390_cpu_reset_full(DeviceState *dev)
 
 static const struct TCGCPUOps s390_tcg_ops = {
     .initialize = s390x_translate_init,
+    .synchronize_from_tb = s390_cpu_synchronize_from_tb,
 
 #ifdef CONFIG_USER_ONLY
     .record_sigsegv = s390_cpu_record_sigsegv,
@@ -296,7 +301,6 @@ static void s390_cpu_class_init(ObjectClass *oc, void *data)
     cc->class_by_name = s390_cpu_class_by_name,
     cc->has_work = s390_cpu_has_work;
     cc->dump_state = s390_cpu_dump_state;
-    cc->set_pc = s390_cpu_set_pc;
     cc->gdb_read_register = s390_cpu_gdb_read_register;
     cc->gdb_write_register = s390_cpu_gdb_write_register;
 #ifndef CONFIG_USER_ONLY
diff --git a/target/s390x/tcg/translate.c b/target/s390x/tcg/translate.c
index b27e34f712..c33dcc115d 100644
--- a/target/s390x/tcg/translate.c
+++ b/target/s390x/tcg/translate.c
@@ -139,6 +139,7 @@ struct DisasContext {
     DisasContextBase base;
     const DisasInsn *insn;
     TCGOp *insn_start;
+    target_ulong pc_save;
     DisasFields fields;
     uint64_t ex_value;
     uint32_t ilen;
@@ -163,29 +164,6 @@ static uint64_t inline_branch_hit[CC_OP_MAX];
 static uint64_t inline_branch_miss[CC_OP_MAX];
 #endif
 
-static void gen_psw_addr_disp(DisasContext *s, TCGv_i64 dest, int64_t disp)
-{
-    tcg_gen_movi_i64(dest, s->base.pc_next + disp);
-}
-
-static void pc_to_link_info(TCGv_i64 out, DisasContext *s)
-{
-    TCGv_i64 tmp;
-
-    if (s->base.tb->flags & FLAG_MASK_64) {
-        gen_psw_addr_disp(s, out, s->ilen);
-        return;
-    }
-
-    tmp = tcg_temp_new_i64();
-    gen_psw_addr_disp(s, tmp, s->ilen);
-    if (s->base.tb->flags & FLAG_MASK_32) {
-        tcg_gen_ori_i64(tmp, tmp, 0x80000000);
-    }
-    tcg_gen_deposit_i64(out, out, tmp, 0, 32);
-    tcg_temp_free_i64(tmp);
-}
-
 static TCGv_i64 psw_addr;
 static TCGv_i64 psw_mask;
 static TCGv_i64 gbea;
@@ -336,9 +314,39 @@ static void return_low128(TCGv_i64 dest)
     tcg_gen_ld_i64(dest, cpu_env, offsetof(CPUS390XState, retxl));
 }
 
+static void gen_psw_addr_disp(DisasContext *s, TCGv_i64 dest, int64_t disp)
+{
+    assert(s->pc_save != -1);
+    if (TARGET_TB_PCREL) {
+        disp += s->base.pc_next - s->pc_save;
+        tcg_gen_addi_i64(dest, psw_addr, disp);
+    } else {
+        tcg_gen_movi_i64(dest, s->base.pc_next + disp);
+    }
+}
+
+static void pc_to_link_info(TCGv_i64 out, DisasContext *s)
+{
+    TCGv_i64 tmp;
+
+    if (s->base.tb->flags & FLAG_MASK_64) {
+        gen_psw_addr_disp(s, out, s->ilen);
+        return;
+    }
+
+    tmp = tcg_temp_new_i64();
+    gen_psw_addr_disp(s, tmp, s->ilen);
+    if (s->base.tb->flags & FLAG_MASK_32) {
+        tcg_gen_ori_i64(tmp, tmp, 0x80000000);
+    }
+    tcg_gen_deposit_i64(out, out, tmp, 0, 32);
+    tcg_temp_free_i64(tmp);
+}
+
 static void update_psw_addr_disp(DisasContext *s, int64_t disp)
 {
     gen_psw_addr_disp(s, psw_addr, disp);
+    s->pc_save = s->base.pc_next + disp;
 }
 
 static inline bool per_enabled(DisasContext *s)
@@ -1172,6 +1180,7 @@ static DisasJumpType help_goto_indirect(DisasContext *s, TCGv_i64 dest)
 {
     per_breaking_event(s);
     tcg_gen_mov_i64(psw_addr, dest);
+    s->pc_save = -1;
     per_branch_dest(s, psw_addr);
     return DISAS_PC_UPDATED;
 }
@@ -1181,6 +1190,7 @@ static DisasJumpType help_branch(DisasContext *s, DisasCompare *c,
 {
     DisasJumpType ret;
     int64_t disp = (int64_t)imm * 2;
+    TCGv_i64 cdest_save = NULL;
     TCGLabel *lab;
 
     /* Take care of the special cases first.  */
@@ -1213,12 +1223,12 @@ static DisasJumpType help_branch(DisasContext *s, DisasCompare *c,
     update_cc_op(s);
 
     /*
-     * Store taken branch destination before the brcond.  This
-     * avoids having to allocate a new local temp to hold it.
-     * We'll overwrite this in the not taken case anyway.
+     * Save taken branch destination across the brcond if required.
      */
-    if (!is_imm) {
-        tcg_gen_mov_i64(psw_addr, cdest);
+    if (!is_imm && tcg_temp_is_normal_i64(cdest)) {
+        cdest_save = tcg_temp_ebb_new_i64();
+        tcg_gen_mov_i64(cdest_save, cdest);
+        cdest = cdest_save;
     }
 
     lab = gen_new_label();
@@ -1234,6 +1244,11 @@ static DisasJumpType help_branch(DisasContext *s, DisasCompare *c,
     per_breaking_event(s);
     if (is_imm) {
         gen_psw_addr_disp(s, psw_addr, disp);
+    } else {
+        tcg_gen_mov_i64(psw_addr, cdest);
+    }
+    if (cdest_save) {
+        tcg_temp_free_i64(cdest_save);
     }
     per_branch_dest(s, psw_addr);
 
@@ -1247,15 +1262,15 @@ static DisasJumpType help_branch(DisasContext *s, DisasCompare *c,
     gen_set_label(lab);
 
     /* Branch not taken.  */
+    gen_psw_addr_disp(s, psw_addr, s->ilen);
     if (use_goto_tb(s, s->base.pc_next + s->ilen)) {
         tcg_gen_goto_tb(1);
-        gen_psw_addr_disp(s, psw_addr, s->ilen);
         tcg_gen_exit_tb(s->base.tb, 1);
     } else {
-        gen_psw_addr_disp(s, psw_addr, s->ilen);
         tcg_gen_lookup_and_goto_ptr();
     }
 
+    s->pc_save = -1;
     ret = DISAS_NORETURN;
 
  egress:
@@ -6443,6 +6458,7 @@ static void s390x_tr_init_disas_context(DisasContextBase *dcbase, CPUState *cs)
 {
     DisasContext *dc = container_of(dcbase, DisasContext, base);
 
+    dc->pc_save = dc->base.pc_first;
     dc->cc_op = CC_OP_DYNAMIC;
     dc->ex_value = dc->base.tb->cs_base;
     dc->exit_to_mainloop = per_enabled(dc) || dc->ex_value;
@@ -6455,9 +6471,13 @@ static void s390x_tr_tb_start(DisasContextBase *db, CPUState *cs)
 static void s390x_tr_insn_start(DisasContextBase *dcbase, CPUState *cs)
 {
     DisasContext *dc = container_of(dcbase, DisasContext, base);
+    target_ulong pc_arg = dc->base.pc_next;
 
+    if (TARGET_TB_PCREL) {
+        pc_arg &= ~TARGET_PAGE_MASK;
+    }
     /* Delay the set of ilen until we've read the insn. */
-    tcg_gen_insn_start(dc->base.pc_next, dc->cc_op, 0);
+    tcg_gen_insn_start(pc_arg, dc->cc_op, 0);
     dc->insn_start = tcg_last_op();
 }
 
@@ -6548,7 +6568,11 @@ void restore_state_to_opc(CPUS390XState *env, TranslationBlock *tb,
 {
     int cc_op = data[1];
 
-    env->psw.addr = data[0];
+    if (TARGET_TB_PCREL) {
+        env->psw.addr = (env->psw.addr & TARGET_PAGE_MASK) | data[0];
+    } else {
+        env->psw.addr = data[0];
+    }
 
     /* Update the CC opcode if it is not already up-to-date.  */
     if ((cc_op != CC_OP_DYNAMIC) && (cc_op != CC_OP_STATIC)) {
