Running qemu[-i386] with -d out_asm and looking at qemu.out shows this test/j**/jmp pattern repeatedly:
0xb1aa40f6: test %ecx,%ecx 0xb1aa40f8: jne 0xb1aa4115 0xb1aa40fe: jmp 0xb1aa4103 0xb1aa4103: mov $0xc0bf,%eax
Therefore there's a bug in the tcg generator creating many unnecessary jmps. It might get optimized out by the CPU, but it might not and it bloats the asm output in any case...