It’s such a funny observation here.
As you can see on below, I created a link to one column with specific keyword phrase.
Currently I did a search with this phrase in Yahoo HK, the display of the search result is exactly the same as what I put in the anchor text of the link.
It proves that Yahoo HK does make use or the anchor text as the title of search result, which also means the anchor text is used as searching keywords.
Anchor Text:
Gary Chung Column
Search Result:

Let me try another here:








