diff --git a/emscripten.py b/emscripten.py
index 6b3e12258fa09..e54ceb26b9fb2 100644
--- a/emscripten.py
+++ b/emscripten.py
@@ -25,7 +25,7 @@
 from tools import gen_struct_info
 from tools import jsrun
 from tools.response_file import substitute_response_files
-from tools.shared import WINDOWS, asstr, path_from_root, exit_with_error
+from tools.shared import WINDOWS, asstr, path_from_root, exit_with_error, asmjs_mangle, treat_as_user_function
 from tools.toolchain_profiler import ToolchainProfiler
 from tools.minified_js_name_generator import MinifiedJsNameGenerator
 
@@ -270,6 +270,26 @@ def get_asm_extern_primitives(pre):
     return []
 
 
+def compute_minimal_runtime_initializer_and_exports(post, initializers, exports, receiving):
+  # Generate invocations for all global initializers directly off the asm export object, e.g. asm['__GLOBAL__INIT']();
+  post = post.replace('/*** RUN_GLOBAL_INITIALIZERS(); ***/', '\n'.join(["asm['" + x + "']();" for x in global_initializer_funcs(initializers)]))
+
+  if shared.Settings.WASM:
+    # Declare all exports out to global JS scope so that JS library functions can access them in a way that minifies well with Closure
+    # e.g. var a,b,c,d,e,f;
+    exports_that_are_not_initializers = [x for x in exports if x not in initializers]
+    if shared.Settings.WASM_BACKEND:
+      # In Wasm backend the exports are still unmangled at this point, so mangle the names here
+      exports_that_are_not_initializers = [asmjs_mangle(x) for x in exports_that_are_not_initializers]
+    post = post.replace('/*** ASM_MODULE_EXPORTS_DECLARES ***/', 'var ' + ','.join(exports_that_are_not_initializers) + ';')
+
+    # Generate assignments from all asm.js/wasm exports out to the JS variables above: e.g. a = asm['a']; b = asm['b'];
+    post = post.replace('/*** ASM_MODULE_EXPORTS ***/', receiving)
+    receiving = ''
+
+  return post, receiving
+
+
 def function_tables_and_exports(funcs, metadata, mem_init, glue, forwarded_data, outfile, DEBUG):
   if DEBUG:
     logger.debug('emscript: python processing: function tables and exports')
@@ -397,17 +417,7 @@ def define_asmjs_import_names(imports):
   post = apply_static_code_hooks(post)
 
   if shared.Settings.MINIMAL_RUNTIME:
-    # Generate invocations for all global initializers directly off the asm export object, e.g. asm['__GLOBAL__INIT']();
-    post = post.replace('/*** RUN_GLOBAL_INITIALIZERS(); ***/', '\n'.join(["asm['" + x + "']();" for x in global_initializer_funcs(metadata['initializers'])]))
-
-    if shared.Settings.WASM:
-      # Declare all exports out to global JS scope so that JS library functions can access them in a way that minifies well with Closure
-      # e.g. var a,b,c,d,e,f;
-      post = post.replace('/*** ASM_MODULE_EXPORTS_DECLARES ***/', 'var ' + ','.join(shared.Settings.MODULE_EXPORTS) + ';')
-
-      # Generate assignments from all asm.js/wasm exports out to the JS variables above: e.g. a = asm['a']; b = asm['b'];
-      post = post.replace('/*** ASM_MODULE_EXPORTS ***/', receiving)
-      receiving = ''
+    post, receiving = compute_minimal_runtime_initializer_and_exports(post, metadata['initializers'], [mangled for mangled, unmangled in shared.Settings.MODULE_EXPORTS], receiving)
 
   function_tables_impls = make_function_tables_impls(function_table_data)
   final_function_tables = '\n'.join(function_tables_impls) + '\n' + function_tables_defs
@@ -1710,7 +1720,8 @@ def create_receiving(function_table_data, function_tables_defs, exported_impleme
 ''' % {'name': name, 'runtime_assertions': runtime_assertions})
       receiving = '\n'.join(wrappers)
 
-  shared.Settings.MODULE_EXPORTS = module_exports = exported_implemented_functions + function_tables(function_table_data)
+  module_exports = exported_implemented_functions + function_tables(function_table_data)
+  shared.Settings.MODULE_EXPORTS = [(f, f) for f in module_exports]
 
   if not shared.Settings.SWAPPABLE_ASM_MODULE:
     if shared.Settings.DECLARE_ASM_MODULE_EXPORTS:
@@ -2208,14 +2219,22 @@ def emscript_wasm_backend(infile, outfile, memfile, compiler_engine,
 
   staticbump = shared.Settings.STATIC_BUMP
 
+  if shared.Settings.MINIMAL_RUNTIME:
+    # In minimal runtime, global initializers are run after the Wasm Module instantiation has finished.
+    global_initializers = ''
+  else:
+    # In regular runtime, global initializers are recorded in an __ATINIT__ array.
+    global_initializers = '''/* global initializers */ %s __ATINIT__.push(%s);
+''' % ('if (!ENVIRONMENT_IS_PTHREAD)' if shared.Settings.USE_PTHREADS else '',
+       global_initializers)
+
   pre = pre.replace('STATICTOP = STATIC_BASE + 0;', '''STATICTOP = STATIC_BASE + %d;
-/* global initializers */ %s __ATINIT__.push(%s);
-''' % (staticbump,
-       'if (!ENVIRONMENT_IS_PTHREAD)' if shared.Settings.USE_PTHREADS else '',
-       global_initializers))
+%s
+''' % (staticbump, global_initializers))
 
   pre = apply_memory(pre)
-  pre = apply_static_code_hooks(pre)
+  pre = apply_static_code_hooks(pre) # In regular runtime, atinits etc. exist in the preamble part
+  post = apply_static_code_hooks(post) # In MINIMAL_RUNTIME, atinit exists in the postamble part
 
   if shared.Settings.RELOCATABLE and not shared.Settings.SIDE_MODULE:
     pre += 'var gb = GLOBAL_BASE, fb = 0;\n'
@@ -2225,6 +2244,10 @@ def emscript_wasm_backend(infile, outfile, memfile, compiler_engine,
 
   exports = metadata['exports']
 
+  # Store exports for Closure compiler to be able to track these as globals in
+  # -s DECLARE_ASM_MODULE_EXPORTS=0 builds.
+  shared.Settings.MODULE_EXPORTS = [(asmjs_mangle(f), f) for f in exports]
+
   if shared.Settings.ASYNCIFY:
     exports += ['asyncify_start_unwind', 'asyncify_stop_unwind', 'asyncify_start_rewind', 'asyncify_stop_rewind']
 
@@ -2255,6 +2278,9 @@ def emscript_wasm_backend(infile, outfile, memfile, compiler_engine,
   sending = create_sending_wasm(invoke_funcs, forwarded_json, metadata)
   receiving = create_receiving_wasm(exports)
 
+  if shared.Settings.MINIMAL_RUNTIME:
+    post, receiving = compute_minimal_runtime_initializer_and_exports(post, metadata['initializers'], exports, receiving)
+
   module = create_module_wasm(sending, receiving, invoke_funcs, metadata)
 
   write_output_file(outfile, post, module)
@@ -2608,7 +2634,7 @@ def fix_import_name(g):
 
 def create_receiving_wasm(exports):
   receiving = []
-  if not shared.Settings.ASSERTIONS:
+  if shared.Settings.MINIMAL_RUNTIME or not shared.Settings.ASSERTIONS:
     runtime_assertions = ''
   else:
     runtime_assertions = RUNTIME_ASSERTIONS
@@ -2623,8 +2649,42 @@ def create_receiving_wasm(exports):
 ''' % {'mangled': asmjs_mangle(e), 'e': e, 'assertions': runtime_assertions})
 
   if not shared.Settings.SWAPPABLE_ASM_MODULE:
-    for e in exports:
-      receiving.append('var %(mangled)s = Module["%(mangled)s"] = asm["%(e)s"];' % {'mangled': asmjs_mangle(e), 'e': e})
+    if shared.Settings.DECLARE_ASM_MODULE_EXPORTS:
+      if shared.Settings.WASM and shared.Settings.MINIMAL_RUNTIME:
+        # In Wasm exports are assigned inside a function to variables existing in top level JS scope, i.e.
+        # var _main;
+        # WebAssembly.instantiate(Module["wasm"], imports).then((function(output) {
+        # var asm = output.instance.exports;
+        # _main = asm["_main"];
+        receiving += [asmjs_mangle(s) + ' = asm["' + s + '"];' for s in exports]
+      else:
+        if shared.Settings.MINIMAL_RUNTIME:
+          # In wasm2js exports can be directly processed at top level, i.e.
+          # var asm = Module["asm"](asmGlobalArg, asmLibraryArg, buffer);
+          # var _main = asm["_main"];
+          receiving += ['var ' + asmjs_mangle(s) + ' = asm["' + asmjs_mangle(s) + '"];' for s in exports]
+        else:
+          receiving += ['var ' + asmjs_mangle(s) + ' = Module["' + asmjs_mangle(s) + '"] = asm["' + s + '"];' for s in exports]
+    else:
+      if shared.Settings.target_environment_may_be('node') and shared.Settings.target_environment_may_be('web'):
+        global_object = '(typeof process !== "undefined" ? global : this)'
+      elif shared.Settings.target_environment_may_be('node'):
+        global_object = 'global'
+      else:
+        global_object = 'this'
+
+      if shared.Settings.MINIMAL_RUNTIME:
+        module_assign = ''
+      else:
+        module_assign = 'Module[asmjs_mangle(__exportedFunc)] = '
+
+      receiving.append('''
+  function asmjs_mangle(x) {
+    var unmangledSymbols = %s;
+    return x.indexOf('dynCall_') == 0 || unmangledSymbols.indexOf(x) != -1 ? x : '_' + x;
+  }
+''' % shared.Settings.WASM_FUNCTIONS_THAT_ARE_NOT_NAME_MANGLED)
+      receiving.append('for(var __exportedFunc in asm) ' + global_object + '[asmjs_mangle(__exportedFunc)] = ' + module_assign + 'asm[__exportedFunc];')
   else:
     receiving.append('Module["asm"] = asm;')
     for e in exports:
@@ -2650,7 +2710,8 @@ def create_module_wasm(sending, receiving, invoke_funcs, metadata):
   if shared.Settings.ASYNCIFY and shared.Settings.ASSERTIONS:
     module.append('Asyncify.instrumentWasmImports(asmLibraryArg);\n')
 
-  module.append("var asm = createWasm();\n")
+  if not shared.Settings.MINIMAL_RUNTIME:
+    module.append("var asm = createWasm();\n")
 
   module.append(receiving)
   module.append(invoke_wrappers)
@@ -2697,8 +2758,10 @@ def load_metadata_wasm(metadata_raw, DEBUG):
       exit_with_error('unexpected metadata key received from wasm-emscripten-finalize: %s', key)
     metadata[key] = value
 
-  # Initializers call the global var version of the export, so they get the mangled name.
-  metadata['initializers'] = [asmjs_mangle(i) for i in metadata['initializers']]
+  if not shared.Settings.MINIMAL_RUNTIME:
+    # In regular runtime initializers call the global var version of the export, so they get the mangled name.
+    # In MINIMAL_RUNTIME, the initializers are called directly off the export object for minimal code size.
+    metadata['initializers'] = [asmjs_mangle(i) for i in metadata['initializers']]
 
   if DEBUG:
     logger.debug("Metadata parsed: " + pprint.pformat(metadata))
@@ -2723,30 +2786,6 @@ def create_invoke_wrappers(invoke_funcs):
   return invoke_wrappers
 
 
-def treat_as_user_function(name):
-  library_functions_in_module = ('setTempRet0', 'getTempRet0', 'stackAlloc',
-                                 'stackSave', 'stackRestore',
-                                 'establishStackSpace', '__growWasmMemory',
-                                 '__heap_base', '__data_end')
-  if name.startswith('dynCall_'):
-    return False
-  if name in library_functions_in_module:
-    return False
-  return True
-
-
-def asmjs_mangle(name):
-  """Mangle a name the way asm.js/JSBackend globals are mangled.
-
-  Prepends '_' and replaces non-alphanumerics with '_'.
-  Used by wasm backend for JS library consistency with asm.js.
-  """
-  if treat_as_user_function(name):
-    return '_' + name
-  else:
-    return name
-
-
 def normalize_line_endings(text):
   """Normalize to UNIX line endings.
 
diff --git a/src/parseTools.js b/src/parseTools.js
index 8b1e44f8be5a6..c4a7b4b43348c 100644
--- a/src/parseTools.js
+++ b/src/parseTools.js
@@ -1631,3 +1631,12 @@ function makeRemovedFSAssert(fsName) {
   if (SYSTEM_JS_LIBRARIES.indexOf('library_' + lower + '.js') >= 0) return '';
   return "var " + fsName + " = '" + fsName + " is no longer included by default; build with -l" + lower + ".js';";
 }
+
+// Given an array of elements [elem1,elem2,elem3], returns a string "['elem1','elem2','elem3']"
+function buildStringArray(array) {
+  if (array.length > 0) {
+    return "['" + array.join("','") + "']";
+  } else {
+    return [];
+  }
+}
diff --git a/src/postamble_minimal.js b/src/postamble_minimal.js
index d98d7d66de98c..2ef3cc95a3555 100644
--- a/src/postamble_minimal.js
+++ b/src/postamble_minimal.js
@@ -91,10 +91,29 @@ WebAssembly.instantiate(Module['wasm'], imports).then(function(output) {
 
 #if DECLARE_ASM_MODULE_EXPORTS == 0
 
+#if WASM_BACKEND
+  // XXX Hack: some function names need to be mangled when exporting them from wasm module, others do not. 
+  // https://github.com/emscripten-core/emscripten/issues/10054
+  // Keep in sync with emscripten.py function treat_as_user_function(name).
+  function asmjs_mangle(x) {
+    var unmangledSymbols = {{{ buildStringArray(WASM_FUNCTIONS_THAT_ARE_NOT_NAME_MANGLED) }}};
+    return x.indexOf('dynCall_') == 0 || unmangledSymbols.indexOf(x) != -1 ? x : '_' + x;
+  }
+
+#if ENVIRONMENT_MAY_BE_NODE
+  for(var i in asm) (typeof process !== "undefined" ? global : this)[asmjs_mangle(i)] = asm[i];
+#else
+  for(var i in asm) this[asmjs_mangle(i)] = asm[i];
+#endif
+
+#else
+
 #if ENVIRONMENT_MAY_BE_NODE
-  for(var i in asm) (typeof process !== "undefined" ? global : this)[i] = Module[i] = asm[i];
+  for(var i in asm) (typeof process !== "undefined" ? global : this)[i] = asm[i];
 #else
-  for(var i in asm) this[i] = Module[i] = asm[i];
+  for(var i in asm) this[i] = asm[i];
+#endif
+
 #endif
 
 #else
diff --git a/src/settings_internal.js b/src/settings_internal.js
index 336f71675a699..92f783be1e411 100644
--- a/src/settings_internal.js
+++ b/src/settings_internal.js
@@ -156,3 +156,8 @@ var MINIFY_ASMJS_IMPORT_NAMES = 0;
 
 // Internal: represents a browser version that is not supported at all.
 var TARGET_NOT_SUPPORTED = 0x7FFFFFFF;
+
+// Wasm backend does not apply C name mangling (== prefix with an underscore) to
+// the following functions. (it also does not mangle any function that starts with
+// string "dynCall_")
+var WASM_FUNCTIONS_THAT_ARE_NOT_NAME_MANGLED = ['setTempRet0', 'getTempRet0', 'stackAlloc', 'stackSave', 'stackRestore', 'establishStackSpace', '__growWasmMemory', '__heap_base', '__data_end'];
diff --git a/tests/test_core.py b/tests/test_core.py
index 48e53225726c1..c5358a04dda31 100644
--- a/tests/test_core.py
+++ b/tests/test_core.py
@@ -216,6 +216,21 @@ def decorated(self, *args, **kwargs):
   return decorator
 
 
+def no_lsan(note):
+  assert not callable(note)
+
+  def decorator(f):
+    assert callable(f)
+
+    @wraps(f)
+    def decorated(self, *args, **kwargs):
+      if '-fsanitize=leak' in self.emcc_args:
+        self.skipTest(note)
+      f(self, *args, **kwargs)
+    return decorated
+  return decorator
+
+
 class TestCoreBase(RunnerCore):
   def is_wasm2js(self):
     return self.is_wasm_backend() and not self.get_setting('WASM')
@@ -8139,10 +8154,16 @@ def test_minimal_runtime_no_declare_asm_module_exports(self):
 
   # Tests that -s MINIMAL_RUNTIME=1 works well in different build modes
   @no_emterpreter
-  @no_wasm_backend('MINIMAL_RUNTIME not yet available in Wasm backend')
+  @no_asan('TODO: ASan with MINIMAL_RUNTIME')
+  @no_lsan('TODO: LSan with MINIMAL_RUNTIME')
+  @no_wasm2js('TODO: MINIMAL_RUNTIME with WASM2JS')
   def test_minimal_runtime_hello_world(self):
-    for args in [[], ['-s', 'MINIMAL_RUNTIME_STREAMING_WASM_COMPILATION=1']]:
+    if '-O2' in self.emcc_args or '-O3' in self.emcc_args or '-Os' in self.emcc_args or '-Oz' in self.emcc_args:
+      return self.skipTest('TODO: -O2 and higher with wasm backend')
+    self.banned_js_engines = [V8_ENGINE, SPIDERMONKEY_ENGINE] # TODO: Support for non-Node.js shells has not yet been added to MINIMAL_RUNTIME
+    for args in [[], ['-s', 'MINIMAL_RUNTIME_STREAMING_WASM_COMPILATION=1'], ['-s', 'DECLARE_ASM_MODULE_EXPORTS=0']]:
       self.emcc_args = ['-s', 'MINIMAL_RUNTIME=1'] + args
+      self.set_setting('MINIMAL_RUNTIME', 1)
       self.maybe_closure()
       self.do_run(open(path_from_root('tests', 'small_hello_world.c')).read(), 'hello')
 
diff --git a/tools/shared.py b/tools/shared.py
index 451b3c55fa31e..4031021a8a12f 100644
--- a/tools/shared.py
+++ b/tools/shared.py
@@ -1446,6 +1446,26 @@ def demangle_c_symbol_name(name):
   return name[1:] if name.startswith('_') else '$' + name
 
 
+def treat_as_user_function(name):
+  if name.startswith('dynCall_'):
+    return False
+  if name in Settings.WASM_FUNCTIONS_THAT_ARE_NOT_NAME_MANGLED:
+    return False
+  return True
+
+
+def asmjs_mangle(name):
+  """Mangle a name the way asm.js/JSBackend globals are mangled.
+
+  Prepends '_' and replaces non-alphanumerics with '_'.
+  Used by wasm backend for JS library consistency with asm.js.
+  """
+  if treat_as_user_function(name):
+    return '_' + name
+  else:
+    return name
+
+
 #  Building
 class Building(object):
   COMPILER = CLANG
@@ -2452,7 +2472,7 @@ def closure_compiler(filename, pretty=True, advanced=True, extra_closure_args=[]
       # externs file for the exports, Closure is able to reason about the exports.
       if Settings.MODULE_EXPORTS and not Settings.DECLARE_ASM_MODULE_EXPORTS:
         # Generate an exports file that records all the exported symbols from asm.js/wasm module.
-        module_exports_suppressions = '\n'.join(['/**\n * @suppress {duplicate, undefinedVars}\n */\nvar %s;\n' % i for i in Settings.MODULE_EXPORTS])
+        module_exports_suppressions = '\n'.join(['/**\n * @suppress {duplicate, undefinedVars}\n */\nvar %s;\n' % i for i, j in Settings.MODULE_EXPORTS])
         exports_file = configuration.get_temp_files().get('_module_exports.js')
         exports_file.write(module_exports_suppressions.encode())
         exports_file.close()
@@ -2564,7 +2584,7 @@ def metadce(js_file, wasm_file, minify_whitespace, debug_info):
     logger.debug('running meta-DCE')
     temp_files = configuration.get_temp_files()
     # first, get the JS part of the graph
-    extra_info = '{ "exports": [' + ','.join(map(lambda x: '["' + x + '","' + x + '"]', Settings.MODULE_EXPORTS)) + ']}'
+    extra_info = '{ "exports": [' + ','.join(map(lambda x: '["' + x[0] + '","' + x[1] + '"]', Settings.MODULE_EXPORTS)) + ']}'
     txt = Building.acorn_optimizer(js_file, ['emitDCEGraph', 'noPrint'], return_output=True, extra_info=extra_info)
     graph = json.loads(txt)
     # add exports based on the backend output, that are not present in the JS
@@ -2573,7 +2593,7 @@ def metadce(js_file, wasm_file, minify_whitespace, debug_info):
       for item in graph:
         if 'export' in item:
           exports.add(item['export'])
-      for export in Settings.MODULE_EXPORTS:
+      for export, unminified in Settings.MODULE_EXPORTS:
         if export not in exports:
           graph.append({
             'export': export,