$$\lim_{(x,y) \to (0, \infty)} (xy) = [x\to\frac{1}{x}\Rightarrow x\to \infty] = \lim_{(x,y)\to(\infty, \infty)} (\frac{y}{x}) = [x = r\cos\theta, y = r\sin\theta] = \lim_{r\to\infty}\frac{r\sin\theta}{r\cos\theta} =\lim_{r\to\infty}\tan\theta$$
Therefore, limit does not exist. Is substitution in the beginning viable here?
More simply we have that as $t\to \infty$
$$xy=\frac1t \cdot t \to 1$$
$$xy=\frac1t \cdot t^2=t \to \infty$$
and therefore the limit doesn't exist.