I managed to slip a rubber o-ring into the gap between the arm and the caliper body. I tried to stuff it with grease as well. Its held up for almost 5 years so far but I couldn't tell you what condition its in.
On the previous 8 one caliper did seize up and was very corroded in that location.
They should have fitted a rubber boot there at the factory and not left it open like that.
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