I concur with electricpete. You should be able to go 10% overvoltage on a NEMA motor with no problems whatsoever. That would be 132 volts. I'd try changing the capacitor. I'd also check the calibration of the voltmeter. Are you on a generator? Low frequency would explain your problem. If you're down to 55Hz on a 60Hz motor, Then you have used up your 10% overvoltage margin with de-rating and the saturation that ScottyUK describes will start on almost any overvoltage.
I usually see similar single phase voltages on shrimp and lobster boats with nominal 120/208 volt systems. The panel meters are line to line, and the crews can't accept that 208 volts is normal and correct and jack the line to line voltage up to 220V or 230V.
As well as checking the capacitor, I'd consider reconnecting the motor and running it on 230V. (Or 208V)
yours