Old equipment, new aim: Japanese art (7)
I believe the answer is:
origami
'japanese art' is the definition.
(I've seen this before)
'old equipment new aim' is the wordplay.
'old' becomes 'o' (common abbreviation eg in OE for Old English).
'equipment' becomes 'rig' (rig is a kind of equipment).
'new' is an anagram indicator.
'aim' with letters rearranged gives 'ami'.
'o'+'rig'+'ami'='ORIGAMI'
(Other definitions for origami that I've seen before include "Oriental art of paper folding" , "that's folding" , "Eastern art" , "Jap. paper-folding art" , "Japanese craft of paper-tearing" .)