In your opinion is google figuring in the key word phrases and associative key word phrases in the text body when scoring the benefits of an anchor text?

In other words, here are two cases:
Case one:
Page is about 'X'
Page has information on 'X' in the text body.
Page links to a site about 'X' with 'X' in the anchor text.


Case two:
Page is about 'Y'
Page has information on 'Y' in the text body.
Page links to a site about 'X' with 'X' in the anchor text.

In you opinion is the representation of 'X' on the page of case one have an influence on current Google ranking? Please support your opinion with some theory/evidence.

Even without the anchor text. :)