diff --git a/docs/page-objects/fields.rst b/docs/page-objects/fields.rst
index d6096499..220331a7 100644
--- a/docs/page-objects/fields.rst
+++ b/docs/page-objects/fields.rst
@@ -485,6 +485,17 @@ with async versions of ``@property`` and ``@cached_property`` decorators; unlike
 
 .. _async_property: https://github.com/ryananguiano/async_property
 
+Exceptions caching
+~~~~~~~~~~~~~~~~~~
+
+Note that exceptions are not cached - neither by :func:`~.cached_method`,
+nor by `@field(cached=True)`, nor by :func:`functools.lru_cache`, nor by
+:func:`functools.cached_property`.
+
+Usually it's not an issue, because an exception is usually propagated,
+and so there are no duplicate calls anyways. But, just in case, keep this
+in mind.
+
 Field metadata
 --------------
 
diff --git a/setup.py b/setup.py
index a4658daa..8e8f5ff8 100644
--- a/setup.py
+++ b/setup.py
@@ -29,6 +29,7 @@
         "andi",
         "python-dateutil",
         "time-machine",
+        "packaging",
         "backports.zoneinfo; python_version < '3.9' and platform_system != 'Windows'",
     ],
     classifiers=[
diff --git a/tests/test_utils.py b/tests/test_utils.py
index eb11d5d9..c6f52733 100644
--- a/tests/test_utils.py
+++ b/tests/test_utils.py
@@ -405,7 +405,6 @@ async def meth(self):
     assert await foo.meth() == 1
 
 
-@pytest.mark.xfail
 def test_cached_method_exception() -> None:
     class Error(Exception):
         pass
@@ -420,10 +419,10 @@ def meth(self):
 
     foo = Foo()
 
-    for _ in range(2):
+    for idx in range(2):
         with pytest.raises(Error):
             foo.meth()
-        assert foo.n_called == 1
+        assert foo.n_called == idx + 1
 
 
 @pytest.mark.asyncio
@@ -441,10 +440,10 @@ async def meth(self):
 
     foo = Foo()
 
-    for _ in range(2):
+    for idx in range(2):
         with pytest.raises(Error):
             await foo.meth()
-        assert foo.n_called == 1
+        assert foo.n_called == idx + 1
 
 
 @pytest.mark.asyncio
diff --git a/web_poet/utils.py b/web_poet/utils.py
index 7056b1ab..f0f6054e 100644
--- a/web_poet/utils.py
+++ b/web_poet/utils.py
@@ -1,11 +1,13 @@
 import inspect
 import weakref
 from collections.abc import Iterable
-from functools import lru_cache, wraps
+from functools import lru_cache, partial, wraps
 from types import MethodType
 from typing import Any, Callable, List, Optional, TypeVar, Union
 from warnings import warn
 
+import packaging.version
+from async_lru import __version__ as async_lru_version
 from async_lru import alru_cache
 from url_matcher import Patterns
 
@@ -203,7 +205,7 @@ async def inner(self, *args, **kwargs):
             # on a first call, create an alru_cache-wrapped method,
             # and store it on the instance
             bound_method = MethodType(method, self)
-            cached_meth = alru_cache(maxsize=None)(bound_method)
+            cached_meth = _alru_cache(maxsize=None)(bound_method)
             setattr(self, cached_method_name, cached_meth)
         else:
             cached_meth = getattr(self, cached_method_name)
@@ -212,6 +214,16 @@ async def inner(self, *args, **kwargs):
     return inner
 
 
+# async_lru >= 2.0.0 removed cache_exceptions argument, and changed
+# its default value. `_alru_cache` is a compatibility function which works with
+# all async_lru versions and uses the same approach for exception caching
+# as async_lru >= 2.0.0.
+_alru_cache: Callable = alru_cache
+_async_lru_version = packaging.version.parse(async_lru_version)
+if _async_lru_version.major < 2:
+    _alru_cache = partial(alru_cache, cache_exceptions=False)
+
+
 def as_list(value: Optional[Any]) -> List[Any]:
     """Normalizes the value input as a list.