(no problem with png's though).
Any new jpgs I create outside PSP display like this in the manager (but a new png displays OK):

Existing jpg thumbnails display OK (I expect the thumbnail images are cached somewhere), but if I try to edit any jpg, I get this:

I've checked for PSP X5 updates, and I'm on the latest version:

Note: I can view the images successfully with Windows photo viewer and I can edit them using Windows Paint, it's just PSP that's having issues.
EDIT: I'd restarted my PC to ensure I was still having the issue, and I still couldn't edit any jpgs. While I've been writing this post and taking screenshots with the snipping tool, suddenly the jpg thumbnails displayed correctly and now I can edit jpgs again... BUT...
EDIT 2: And now it's doing it again

