Standard SQL does not support join operations in an UPDATE statement, although many of the products add this ability as a "superset" feature (above and beyond standard SQL).
Although I'd probably be a lightweight and use the non-standard extension, I could do this using standard SQL like:
Code:
UPDATE master
SET value = (SELECT newvalue
FROM trans AS T
WHERE T.key = master.key)
WHERE EXISTS (SELECT *
FROM trans AS z
WHERE z.key = master.key)
-PatP