I agree with Broby, but just for kicks and giggles, go to MDI, enter T**** G0 G90 X0 -press cycle start, now jog that tool to the face of the part, go to tool data page make sure the X offset is 0 for that tool, you should be able to see if it on center without an indicator, but use it if needed (the way you described co-ax). If it is not on center then the machine is mechanically at fault, and you are back to calling Okuma to come in.
EDIT; I meant along the Y axis only for calling in a tech, you can realign the turret yourself IF it's out, but that woudl be a different thread.
The beaten path, is exclusively for beaten men.