diff --git a/src/lib.rs b/src/lib.rs
index e8cf50e..d28702a 100644
--- a/src/lib.rs
+++ b/src/lib.rs
@@ -483,7 +483,11 @@ fn run_wasm_opt(
     cmd.arg("--enable-threads");
     cmd.arg("--enable-reference-types");
     cmd.arg("--no-validation");
-    cmd.arg("--translate-to-exnref");
+    // `--emit-exnref` runs the legacy-EH-to-exnref translation at the end of
+    // the whole pass pipeline regardless of argument order (unlike
+    // `--translate-to-exnref`, which is an ordinary pass executed at its
+    // position on the command line).
+    cmd.arg("--emit-exnref");
 
     if !build.enable_producers_section(profile) {
         cmd.arg("--strip-producers");
@@ -657,7 +661,7 @@ fn run_or_download(
 }
 
 fn install_wasm_opt(path: &ToolPath, config: &Config) -> Result<()> {
-    let tag = "version_123";
+    let tag = "version_130";
     let binaryen_url = |target: &str| {
         let mut url = "https://github.com/WebAssembly/binaryen/releases/download/".to_string();
         url.push_str(tag);