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Definition of yay adverb from the Oxford Advanced Learner's Dictionary

yay

adverb
 
/jeɪ/
 
/jeɪ/
(informal, especially North American English)
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  1. to this degree synonym so
    • The fish I caught was yay big.
  2. to a high degree synonym extremely
    • Yay good movie!
  3. Word Originexclamation 1960s: perhaps an alteration of yeah.adverb 1960s: probably a variant of yea.
See yay in the Oxford Advanced American Dictionary

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