Red light flashes 5 times and yellow light flashes 9 times
Mitsubishi LT40164 has a known issue developing on the main board that causes what you describe (and other things):
http://www.coppelltvrepair.com/p/1635/repair-service-for-mitsubishi-main-board-934c374002-causing-dead-tv-blinking-loop-no-hdmi-no-audio-etc-problems
These blinks [flashes] are fault indication (Error Codes). From the number of blinks occur at one time switch ON, you can get an idea about the faulty circuit section inside it. This will make repair easy. These are called blinking codes. Make sure about the exact number of blinking of the standby/power LED, by switching On & OFF the set, for at least two times. Count it carefully. If you wish to get some details, check the site linked here. It has details about blinking codes, and fault locating procedure, to many popular brand TVs and other devices.
http://electro-medical.blogspot.com/
If blinks continue without any pause, the main board is faulty.
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