Yes, maybe.
It seems from my experience of mixing gauges and sender units (VDO only), that with the earlier type sender unit, (External float on a wire arm) the resistance of the sender unit decreases as the fuel level increases.
Ie. if you ground the wire to the sender the gauge reads full.

With the later type sender (tubular plastic with no visible float) the reverse is the case.
It would appear that the change point was with the adoption of the plastic fuel tank.

The Yazaki gauges may work the old (conventional) way or the later way.

I suggest you check with the local Volvo parts department to see if your car has a different sender listed for the different makes of instrument.

I would doubt that there is a problem with the wiring, if you had a short or an open circuit the gauge would either read full or empty all the time, regardless of the tank contents.

Colin.

1990 740SE UK spec. B200E/M47, remote C/Locking.