Tyrosine protein phosphatase which functions as a dosage-dependent inducer of mitotic and meiotic progression (PubMed:3955656, Ref.3, PubMed:7498766). Directly dephosphorylates cdc2 and stimulates its kinase activity (By similarity). Required for the G2/M transition of the cell cycle (PubMed:15629716). Required for induction of meiosis II (Ref.3, PubMed:7498766). H2O + O-phospho-L-tyrosyl-[protein] = L-tyrosyl-[protein] + phosphate Interacts with rad24 during G2 in a srk1-dependent manner; the interaction is increased during osmostress. Accumulates in the nucleus in cycling cells; nuclear localization is the highest in G2. Phosphorylated by srk1 in the N-terminus; phosphorylation promotes nuclear exclusion. Belongs to the MPI phosphatase family.