pre-noun adjectival
Pre-noun adjectival used to introduce a term or concept that is commonly known by a certain name, often with a nuance of 'the so-called' or 'what people refer to as'.
これがいわゆる「もったいない」の精神だ。
This is the so-called spirit of 'mottainai'.
彼はいわゆる天才というやつだ。
He is what you'd call a genius.