Step 1: The rotation formulas that express old coordinates in terms of new coordinates, when the axes are rotated counterclockwise through angle \(\theta\), are
\[
x = X\cos\theta - Y\sin\theta, \qquad y = X\sin\theta + Y\cos\theta
\]
For \(\theta = 45^\circ\), \(\cos45^\circ=\sin45^\circ=\dfrac{1}{\sqrt2}\), so
\[
x = \frac{X-Y}{\sqrt2}, \qquad y = \frac{X+Y}{\sqrt2}
\]
Step 2: Substitute into \(xy=-8\):
\[
xy = \frac{(X-Y)}{\sqrt2}\cdot\frac{(X+Y)}{\sqrt2} = \frac{X^2-Y^2}{2}
\]
Step 3: Set this equal to \(-8\) and simplify:
\[
\frac{X^2-Y^2}{2} = -8 \implies X^2-Y^2 = -16 \implies X^2-Y^2+16=0
\]
\[
\boxed{X^2-Y^2+16=0}
\]