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The MDN documentation is pretty good, IMO.
The function containing the yield keyword is a generator. When you call it, its formal parameters are bound to actual arguments, but its body isn't actually evaluated. Instead, a generator-iterator is returned. Each call to the generator-iterator's next() method performs another pass through the iterative algorithm. Each step's value is the value specified by the yield keyword. Think of yield as the generator-iterator version of return, indicating the boundary between each iteration of the algorithm. Each time you call next(), the generator code resumes from the statement following the yield.