Very interesting...new member and happened to find this site after a Yahoo search for something totally unrelated. What do you know, this thread was right near the top.
I have had a very similar issue with my radio (
FT-900AT) for quite a few years. The funny thing is that this happened right after a visit to the Yaesu factory (in Cerritos) for some warranty work. The radio for whatever reason blew a resistor and capacitor (I believe, though I don't have the exact report on-hand right now), which ultimately ended up with nothing but RF and no audio at all. After getting the radio back, it appeared to be backswinging on
AM as well.
I haven't tested it side-by-side with another radio in years, so I don't remember if it was actually swinging backwards on another radio's S-Meter. The ammeter on my power supply shows a good drop in amperage when using the radio, from deadkey to modulation, but after hooking it up to a watt meter, I got some interesting results. My peak-reading watt meter showed that it would deadkey around 40 watts and swing up to about 130 watts when talking. The radio itself puts out about 130 watts on all other modes as well.
So I guess I'll sit it side-by-side with another radio one of these days and see what the S-meter is saying.
Interesting thread. Nice to finally come across a discussion on this.