Phosphotyrosine-specific protein phosphatase; major role in the pheromone adaptive response through dephosphorylation of the Fus3p MAPK with a minor role by Ptp2p and Msg5p; minor role in the inactivation of Hog1p MAPK during osmolarity sensing with major role by Ptp2p; dephosphorylates and regulates the localization of Hog1p; minor role in the cell wall integrity pathway through tyrosine dephosphorylation of the MAPK Slt2p while Ptp2p plays a major role; localizes to the cytoplasm
