diff --git a/msvc-tools.jam b/msvc-tools.jam
index 8d26c7dbc..be5953753 100644
--- a/msvc-tools.jam
+++ b/msvc-tools.jam
@@ -65,6 +65,9 @@ flags msvc CFLAGS <debug-symbols>on/<debug-store>object : /Z7 ;
 flags msvc CFLAGS <debug-symbols>on/<debug-store>database : /Zi ;
 flags msvc PDB_CFLAG <debug-symbols>on/<debug-store>database : /Fd ;
 flags msvc LINKFLAGS <debug-symbols>on : /DEBUG ;
+# The linker disables the default optimizations when using /DEBUG. Whe have
+# to enable them manually for release builds with debug symbols.
+flags msvc LINKFLAGS <debug-symbols>on/<runtime-build>release : /OPT:REF,ICF ;
 
 flags msvc CFLAGS <optimization>off : /Od ;
 flags msvc CFLAGS <optimization>speed : /O2 ;
diff --git a/v1/msvc-tools.jam b/v1/msvc-tools.jam
index 8d26c7dbc..be5953753 100644
--- a/v1/msvc-tools.jam
+++ b/v1/msvc-tools.jam
@@ -65,6 +65,9 @@ flags msvc CFLAGS <debug-symbols>on/<debug-store>object : /Z7 ;
 flags msvc CFLAGS <debug-symbols>on/<debug-store>database : /Zi ;
 flags msvc PDB_CFLAG <debug-symbols>on/<debug-store>database : /Fd ;
 flags msvc LINKFLAGS <debug-symbols>on : /DEBUG ;
+# The linker disables the default optimizations when using /DEBUG. Whe have
+# to enable them manually for release builds with debug symbols.
+flags msvc LINKFLAGS <debug-symbols>on/<runtime-build>release : /OPT:REF,ICF ;
 
 flags msvc CFLAGS <optimization>off : /Od ;
 flags msvc CFLAGS <optimization>speed : /O2 ;