Definition of "yay"

In Billy Corben's engrossing new documentary, Cocaine Cowboys (Magnolia Pictures), self-described "assassin" Jorge "Rivi" Ayala (among others) give up the goods on Miami's explosive early '80s yay trade.

2006 December, “They Shootin'”, in Vibe

I'm in charge of a whole city block, and I always wear gloves when I touch the yay, cuz traces of cocaine show up on my u. a., when I touch it with my bare hands.

2009, Tyrone Pierson, Murder in the Moonlight, AuthorHouse, published 2009, page 339

I don't do yay, but if you want to, fine

2012, Azealia Banks, “Liquorice”, in 1991