Dual specificity protein phosphatase (PubMed:27783954). Shows high activity towards MAPK1/ERK2 (By similarity). Also has lower activity towards MAPK14 and MAPK8 (By similarity). In arrested oocytes, plays a role in meiotic resumption (PubMed:27783954). Promotes nuclear envelope breakdown and activation of the CDK1/Cyclin-B complex in oocytes, probably by dephosphorylating and inactivating the conventional protein kinase C (cPKC) isozyme PRKCB (PubMed:27783954). May also inactivate PRKCA and/or PRKCG (PubMed:27783954). Also important in oocytes for normal chromosome alignment on the metaphase plate and progression to anaphase, where it might regulate activity of the spindle-assembly checkpoint (SAC) complex (PubMed:27783954). H2O + O-phospho-L-tyrosyl-[protein] = L-tyrosyl-[protein] + phosphate H2O + O-phospho-L-seryl-[protein] = L-seryl-[protein] + phosphate H2O + O-phospho-L-threonyl-[protein] = L-threonyl-[protein] + phosphate Strongly inhibited by sodium orthovanadate. Interacts with MAPK1/ERK2; the interaction enhances DUSP7 phosphatase activity. Belongs to the protein-tyrosine phosphatase family. Non-receptor class dual specificity subfamily. Truncated N-terminus.