温故 (On-ko) is to ask old things. 知新 (Chi-shin) is to know new things.
-->Literary means "By asking old things know new things".
Explaining
In order to get to know new things that you have not experienced you can learn from old things like the past. You can get wisdom from the history.
This is the Japanese proverb by Chinese thinker and social philosopher Confucius. He gave a big impact to Japanese thinkers.
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