Update statement with inner join on Oracle

That syntax isn’t valid in Oracle. You can do this:

UPDATE table1 SET table1.value = (SELECT table2.CODE
                                  FROM table2 
                                  WHERE table1.value = table2.DESC)
WHERE table1.UPDATETYPE='blah'
AND EXISTS (SELECT table2.CODE
            FROM table2 
            WHERE table1.value = table2.DESC);

Or you might be able to do this:

UPDATE 
(SELECT table1.value as OLD, table2.CODE as NEW
 FROM table1
 INNER JOIN table2
 ON table1.value = table2.DESC
 WHERE table1.UPDATETYPE='blah'
) t
SET t.OLD = t.NEW

It depends if the inline view is considered updateable by Oracle ( To be updatable for the second statement depends on some rules listed here ).