いわゆる is a pre-noun modifier meaning "what is called", "so-called", or "so to speak". It is used to introduce a term, label, or concept that is widely recognized or commonly referred to by a particular name. It always comes directly before a noun.
いわゆる originates from the classical Japanese expression ゆう言う (to say) in a passive/potential form, literally meaning "what is said" or "what people call." In modern Japanese, it functions as a fixed expression and is not conjugated.
Use いわゆる when referencing a concept by its well-known name, often to clarify or define something for the listener.
いわゆる can carry a slightly distancing nuance – the speaker is using a label that others commonly use, without necessarily endorsing it themselves. It can sometimes feel like putting quotation marks around a word.
いわゆる is common in both spoken and written Japanese, but it appears especially frequently in essays, news, and academic writing when defining or explaining terminology.