diff --git a/jerry-core/ecma/base/ecma-helpers-value.c b/jerry-core/ecma/base/ecma-helpers-value.c
index b90c6325f..23bbd43f9 100644
--- a/jerry-core/ecma/base/ecma-helpers-value.c
+++ b/jerry-core/ecma/base/ecma-helpers-value.c
@@ -340,6 +340,19 @@ ecma_is_value_symbol (ecma_value_t value) /**< ecma value */
 #endif /* ENABLED (JERRY_ESNEXT) */
 } /* ecma_is_value_symbol */
 
+/**
+ * Check if the value is a specific magic string.
+ *
+ * @return true - if the value the magic string value,
+ *         false - otherwise
+ */
+extern inline bool JERRY_ATTR_CONST JERRY_ATTR_ALWAYS_INLINE
+ecma_is_value_magic_string (ecma_value_t value, /**< ecma value */
+                            lit_magic_string_id_t id) /**< magic string id */
+{
+  return value == ecma_make_magic_string_value (id);
+} /* ecma_is_value_magic_string */
+
 /**
  * Check if the value is bigint.
  *
diff --git a/jerry-core/ecma/base/ecma-helpers.h b/jerry-core/ecma/base/ecma-helpers.h
index 98c4ca532..3340c79f6 100644
--- a/jerry-core/ecma/base/ecma-helpers.h
+++ b/jerry-core/ecma/base/ecma-helpers.h
@@ -234,6 +234,7 @@ bool JERRY_ATTR_CONST ecma_is_value_float_number (ecma_value_t value);
 bool JERRY_ATTR_CONST ecma_is_value_number (ecma_value_t value);
 bool JERRY_ATTR_CONST ecma_is_value_string (ecma_value_t value);
 bool JERRY_ATTR_CONST ecma_is_value_symbol (ecma_value_t value);
+bool JERRY_ATTR_CONST ecma_is_value_magic_string (ecma_value_t value, lit_magic_string_id_t id);
 bool JERRY_ATTR_CONST ecma_is_value_bigint (ecma_value_t value);
 bool JERRY_ATTR_CONST ecma_is_value_prop_name (ecma_value_t value);
 bool JERRY_ATTR_CONST ecma_is_value_direct_string (ecma_value_t value);
diff --git a/jerry-core/ecma/operations/ecma-function-object.c b/jerry-core/ecma/operations/ecma-function-object.c
index afa8994c0..f901f8a3f 100644
--- a/jerry-core/ecma/operations/ecma-function-object.c
+++ b/jerry-core/ecma/operations/ecma-function-object.c
@@ -1787,19 +1787,16 @@ ecma_op_function_try_to_lazy_instantiate_property (ecma_object_t *object_p, /**<
       if (CBC_FUNCTION_GET_TYPE (bytecode_data_p->status_flags) != CBC_FUNCTION_CONSTRUCTOR)
       {
         ecma_value_t value = *ecma_compiled_code_resolve_function_name (bytecode_data_p);
-        if (value != ECMA_VALUE_EMPTY)
-        {
-          JERRY_ASSERT (ecma_is_value_string (value));
+        JERRY_ASSERT (ecma_is_value_string (value));
 
-          /* Initialize 'name' property */
-          ecma_property_t *value_prop_p;
-          ecma_property_value_t *value_p = ecma_create_named_data_property (object_p,
-                                                                            property_name_p,
-                                                                            ECMA_PROPERTY_FLAG_CONFIGURABLE,
-                                                                            &value_prop_p);
-          value_p->value = ecma_copy_value (value);
-          return value_prop_p;
-        }
+        /* Initialize 'name' property */
+        ecma_property_t *value_prop_p;
+        ecma_property_value_t *value_p = ecma_create_named_data_property (object_p,
+                                                                          property_name_p,
+                                                                          ECMA_PROPERTY_FLAG_CONFIGURABLE,
+                                                                          &value_prop_p);
+        value_p->value = ecma_copy_value (value);
+        return value_prop_p;
       }
     }
 
diff --git a/jerry-core/jmem/jmem.h b/jerry-core/jmem/jmem.h
index a89f705df..960a6bf24 100644
--- a/jerry-core/jmem/jmem.h
+++ b/jerry-core/jmem/jmem.h
@@ -277,6 +277,12 @@ void * JERRY_ATTR_PURE jmem_decompress_pointer (uintptr_t compressed_pointer);
 #define JMEM_CP_GET_NON_NULL_POINTER_FROM_POINTER_TAG(type, cp_value) \
   ((type *) (jmem_decompress_pointer ((cp_value & ~JMEM_TAG_MASK) >> JMEM_TAG_SHIFT)))
 
+/**
+ * Extract tag bits from pointer-tag value
+ */
+#define JMEM_CP_GET_POINTER_TAG_BITS(cp_value) \
+  (cp_value & (JMEM_FIRST_TAG_BIT_MASK | JMEM_SECOND_TAG_BIT_MASK | JMEM_THIRD_TAG_BIT_MASK))
+
 /**
  * Get value of each tag from specified pointer-tag value
  */
diff --git a/jerry-core/parser/js/js-parser.c b/jerry-core/parser/js/js-parser.c
index 0031dfe0c..a64a37aa0 100644
--- a/jerry-core/parser/js/js-parser.c
+++ b/jerry-core/parser/js/js-parser.c
@@ -1358,7 +1358,7 @@ parser_post_processing (parser_context_t *context_p) /**< context */
 #if ENABLED (JERRY_ESNEXT)
   if (!(context_p->status_flags & PARSER_CLASS_CONSTRUCTOR))
   {
-    *(--base_p) = ECMA_VALUE_EMPTY;
+    *(--base_p) = ecma_make_magic_string_value (LIT_MAGIC_STRING__EMPTY);
   }
 
   if (context_p->argument_length != UINT16_MAX)
@@ -2625,9 +2625,10 @@ parser_check_anonymous_function_declaration (parser_context_t *context_p) /**< c
 
   const ecma_compiled_code_t *bytecode_p;
   bytecode_p = (const ecma_compiled_code_t *) (PARSER_GET_LITERAL (literal_index)->u.bytecode_p);
-  ecma_value_t *func_name_start_p = ecma_compiled_code_resolve_function_name (bytecode_p);
+  bool is_anon = ecma_is_value_magic_string (*ecma_compiled_code_resolve_function_name (bytecode_p),
+                                             LIT_MAGIC_STRING__EMPTY);
 
-  return (*func_name_start_p == ECMA_VALUE_EMPTY ? literal_index : PARSER_NAMED_FUNCTION);
+  return (is_anon ? literal_index : PARSER_NAMED_FUNCTION);
 } /* parser_check_anonymous_function_declaration */
 
 /**
@@ -2659,7 +2660,7 @@ parser_compiled_code_set_function_name (parser_context_t *context_p, /**< contex
   ecma_value_t *func_name_start_p;
   func_name_start_p = ecma_compiled_code_resolve_function_name ((const ecma_compiled_code_t *) bytecode_p);
 
-  if (JERRY_UNLIKELY (*func_name_start_p != ECMA_VALUE_EMPTY))
+  if (JERRY_UNLIKELY (!ecma_is_value_magic_string (*func_name_start_p, LIT_MAGIC_STRING__EMPTY)))
   {
     return;
   }
diff --git a/jerry-core/vm/opcodes.c b/jerry-core/vm/opcodes.c
index a79d4fe79..3e7e92573 100644
--- a/jerry-core/vm/opcodes.c
+++ b/jerry-core/vm/opcodes.c
@@ -1183,7 +1183,10 @@ opfunc_set_home_object (ecma_object_t *func_p, /**< function object */
   {
     JERRY_ASSERT (!ecma_get_object_is_builtin (func_p));
 
-    ECMA_SET_NON_NULL_POINTER_TAG (((ecma_extended_object_t *) func_p)->u.function.scope_cp, parent_env_p, 0);
+    ecma_extended_object_t *ext_func_p = (ecma_extended_object_t *) func_p;
+    ECMA_SET_NON_NULL_POINTER_TAG (ext_func_p->u.function.scope_cp,
+                                   parent_env_p,
+                                   JMEM_CP_GET_POINTER_TAG_BITS (ext_func_p->u.function.scope_cp));
   }
 } /* opfunc_set_home_object */
 
diff --git a/tests/jerry/es.next/function-name.js b/tests/jerry/es.next/function-name.js
index f2a9e4fe8..f2c2a3eab 100644
--- a/tests/jerry/es.next/function-name.js
+++ b/tests/jerry/es.next/function-name.js
@@ -68,7 +68,7 @@ assertMethodName(func2, 'bar');
 
 var func3 = (function () {}).prototype.constructor;
 assert(typeof func3 === 'function');
-assertNameNotExists(func3);
+assertMethodName(func3, '');
 
 var func4;
 func4 = function () {}
@@ -80,7 +80,7 @@ assertMethodName(func5, 'bar');
 
 var func6;
 (func6) = function () {}
-assertNameNotExists(func6);
+assertMethodName(func6, '');
 
 var func7;
 (func7) = function bar () {}
@@ -290,7 +290,7 @@ let arFunc;
 let array = [];
 array['original'] = array;
 array['original'][arFunc = ()=>{ }]=function(){}
-assertNameNotExists(array[arFunc]);
+assertMethodName(array[arFunc], '');
 
 var o = { 0 : class {} };
 
diff --git a/tests/test262-es6-excludelist.xml b/tests/test262-es6-excludelist.xml
index a47f06133..870ac5c71 100644
--- a/tests/test262-es6-excludelist.xml
+++ b/tests/test262-es6-excludelist.xml
@@ -333,4 +333,8 @@
   <test id="language/statements/class/strict-mode/arguments-caller.js"><reason>ES11: arguments object no longer has caller property</reason></test>
   <test id="built-ins/Proxy/create-handler-is-revoked-proxy.js"><reason>ES11+: ProxyCreate does not check Proxy handler and target.</reason></test>
   <test id="built-ins/Proxy/create-target-is-revoked-proxy.js"><reason>ES11+: ProxyCreate does not check Proxy handler and target.</reason></test>
+  <test id="language/expressions/assignment/fn-name-lhs-cover.js"><reason>Outdated test, anonymous funtions should now have a name property</reason></test>
+  <test id="language/expressions/assignment/fn-name-lhs-member.js"><reason>Outdated test, anonymous funtions should now have a name property</reason></test>
+  <test id="language/expressions/function/name.js"><reason>Outdated test, anonymous funtions should now have a name property</reason></test>
+  <test id="language/expressions/generators/name.js"><reason>Outdated test, anonymous funtions should now have a name property</reason></test>
 </excludeList>
diff --git a/tests/test262-esnext-excludelist.xml b/tests/test262-esnext-excludelist.xml
index 3d6116994..bc584442a 100644
--- a/tests/test262-esnext-excludelist.xml
+++ b/tests/test262-esnext-excludelist.xml
@@ -105,7 +105,6 @@
   <test id="built-ins/Promise/all/invoke-resolve-get-error.js"><reason>Test expects incorrect call order</reason></test>
   <test id="built-ins/Promise/all/resolve-non-callable.js"><reason>Test expects incorrect call order</reason></test>
   <test id="built-ins/Promise/race/invoke-resolve-get-error.js"><reason>Test expects incorrect call order</reason></test>
-  <test id="built-ins/Promise/race/resolve-element-function-name.js"><reason></reason></test>
   <test id="built-ins/Promise/race/resolve-non-callable.js"><reason>Test expects incorrect call order</reason></test>
   <test id="built-ins/Proxy/preventExtensions/trap-is-undefined-target-is-proxy.js"><reason></reason></test>
   <test id="built-ins/Proxy/setPrototypeOf/toboolean-trap-result-false.js"><reason></reason></test>
@@ -217,7 +216,6 @@
   <test id="language/expressions/arrow-function/dstr/ary-init-iter-no-close.js"><reason></reason></test>
   <test id="language/expressions/arrow-function/dstr/dflt-ary-init-iter-no-close.js"><reason></reason></test>
   <test id="language/expressions/arrow-function/eval-var-scope-syntax-err.js"><reason></reason></test>
-  <test id="language/expressions/arrow-function/name.js"><reason></reason></test>
   <test id="language/expressions/arrow-function/param-dflt-yield-expr.js"><reason></reason></test>
   <test id="language/expressions/assignment/S11.13.1_A5_T1.js"><reason></reason></test>
   <test id="language/expressions/assignment/S11.13.1_A5_T2.js"><reason></reason></test>
@@ -260,14 +258,9 @@
   <test id="language/expressions/assignment/dstr/array-rest-iter-thrw-close.js"><reason></reason></test>
   <test id="language/expressions/assignment/dstr/array-rest-lref-err.js"><reason></reason></test>
   <test id="language/expressions/assignment/dstr/array-rest-lref.js"><reason></reason></test>
-  <test id="language/expressions/assignment/fn-name-lhs-cover.js"><reason></reason></test>
-  <test id="language/expressions/assignment/fn-name-lhs-member.js"><reason></reason></test>
   <test id="language/expressions/async-arrow-function/await-as-param-nested-arrow-body-position.js"><reason></reason></test>
   <test id="language/expressions/async-arrow-function/await-as-param-nested-arrow-parameter-position.js"><reason></reason></test>
   <test id="language/expressions/async-arrow-function/await-as-param-rest-nested-arrow-parameter-position.js"><reason></reason></test>
-  <test id="language/expressions/async-arrow-function/name.js"><reason></reason></test>
-  <test id="language/expressions/async-function/name.js"><reason></reason></test>
-  <test id="language/expressions/async-generator/name.js"><reason></reason></test>
   <test id="language/expressions/call/eval-spread-empty-leading.js"><reason></reason></test>
   <test id="language/expressions/call/eval-spread-empty-trailing.js"><reason></reason></test>
   <test id="language/expressions/call/eval-spread.js"><reason></reason></test>
@@ -302,11 +295,9 @@
   <test id="language/expressions/function/dstr/ary-init-iter-no-close.js"><reason></reason></test>
   <test id="language/expressions/function/dstr/dflt-ary-init-iter-no-close.js"><reason></reason></test>
   <test id="language/expressions/function/eval-var-scope-syntax-err.js"><reason></reason></test>
-  <test id="language/expressions/function/name.js"><reason></reason></test>
   <test id="language/expressions/generators/dstr/ary-init-iter-no-close.js"><reason></reason></test>
   <test id="language/expressions/generators/dstr/dflt-ary-init-iter-no-close.js"><reason></reason></test>
   <test id="language/expressions/generators/eval-var-scope-syntax-err.js"><reason></reason></test>
-  <test id="language/expressions/generators/name.js"><reason></reason></test>
   <test id="language/expressions/import.meta/distinct-for-each-module.js"><reason></reason></test>
   <test id="language/expressions/import.meta/import-meta-is-an-ordinary-object.js"><reason></reason></test>
   <test id="language/expressions/import.meta/same-object-returned.js"><reason></reason></test>