Converts adenosine 3'-phosphate 5'-phosphosulfate (PAPS) to adenosine 5'-phosphosulfate (APS) and 3'(2')-phosphoadenosine 5'- phosphate (PAP) to AMP. May regulate the flux of sulfur in the sulfur-activation pathway by converting PAPS to APS. May play a role in the biosynthesis of sulfate conjugates and RNA processing. Is also able to hydrolyze inositol 1,4-bisphosphate and inositol 1,3,4-trisphosphate. Could be considered as a negative regulator of abscisic acid (ABA)- and stress-responsive genes, through modulating the inositol 1,4,5-trisphosphate (IP3) turnover. Is also involved in salt tolerance. Acts as a suppressor of virus- and transgene-induced silencing. adenosine 3',5'-bisphosphate + H2O = AMP + phosphate 1D-myo-inositol 1,4-bisphosphate + H2O = 1D-myo-inositol 4-phosphate + phosphate Inhibited by Li(+) (IC(50)=0.20 millimolar) and Na(+) (IC(50)=200 millimolar). Signal transduction; phosphatidylinositol signaling pathway. Expressed in roots, leaves, stems, flowers and siliques. Mutation in the FRY1 gene results in super-induction of abscisic acid (ABA)- and stress-responsive genes, due to inositol 1,4,5-trisphosphate (IP3) accumulation. Substrate preference is 3'-phosphoadenosine 5'-phosphate (PAP) = adenosine 3'-phosphate 5'-phosphosulfate (PAPS)> inositol 1,4-bisphosphate >> inositol 1,4,5-trisphosphate. No activity observed against 3' or 5'-AMP, inositol monophosphate and fructose-1,6-bisphosphate. Belongs to the inositol monophosphatase superfamily.