noun
Refers to a friend from long ago, often with a sense of enduring bond. 'Crony' can carry a slightly informal or pejorative tone in English, but the Japanese term is neutral.
彼は私の老友で、もう30年の付き合いだ。
He is an old friend of mine; we've known each other for 30 years.
老友と久しぶりに会って、昔話に花が咲いた。
I met an old friend after a long time, and we had a great time reminiscing.